Daijiworld Media Network - New Delhi
New Delhi, Sep 18: The Central Bureau of Investigation (CBI) has registered a First Information Report (FIR) against Reliance Capital Limited (RCAP), former chairman Anil D. Ambani, Reliance ADA Group Group Managing Director Satish Seth, unknown public servants, and others in connection with an alleged fraud amounting to Rs 2,684.57 crore, following a formal complaint filed by the Life Insurance Corporation of India (LIC).
According to the investigative agency, the complaint alleges that between April 12, 2012, and March 9, 2018, LIC invested Rs 3,900 crore by subscribing to five non-convertible debentures (NCDs) issued by RCAP, which were ostensibly meant for general corporate purposes, funding requirements, and debt refinancing.
LIC claims the accused entered into a criminal conspiracy involving cheating, criminal breach of trust, criminal misconduct, and falsification of accounts. The agency states that RCAP dishonestly induced LIC to invest through misrepresentation and subsequently diverted and misappropriated the funds, resulting in a wrongful loss of Rs 2,684.57 crore to LIC and corresponding unlawful gains for the accused and associated beneficiaries.
The CBI has launched a comprehensive investigation to examine the broader conspiracy, determine the exact end-use and diversion pathways of the invested capital, and probe the potential involvement of public servants and private individuals.
This latest action builds on a series of ongoing investigations involving companies under the Reliance ADA Group. The CBI has previously registered eight other FIRs against entities including Reliance Communications Ltd (RCom), RCAP, Reliance Home Finance Ltd (RHFL), Reliance Commercial Finance Ltd (RCFL), and Reliance Telecom Ltd (RTL) based on complaints from public sector lenders, the Employees' Provident Fund Organisation (EPFO), and LIC. Across those cases, the agency has filed six charge-sheets and arrested seven individuals as the investigations proceed under Supreme Court monitoring.