The Central Bureau of Investigation (CBI) on Saturday, 1 August registered an FIR against Reliance Capital Limited (RCL), its former Chairman Anil Ambani, unknown public servants, and other unknown persons for allegedly causing a wrongful loss of ₹1,007.55 crore — plus an interest liability of ₹808.67 crore — to the Employees' Provident Fund Organisation (EPFO). The total alleged loss stands at ₹1,816.22 crore. The complaint was filed by the EPFO under the Ministry of Labour and Employment, and the FIR names offences including criminal conspiracy, cheating, criminal breach of trust, and criminal misconduct.

How the Alleged Fraud Unfolded

According to the CBI, Reliance Capital Limited issued secured Non-Convertible Debentures (NCDs) in 2013 and 2014, in which the EPFO invested ₹2,500 crore through four portfolio managers, one of which was Reliance Capital Asset Management Limited. The NCDs were due to mature between 2023 and 2024.

The CBI alleges that the accused engaged in fraudulent transactions and systematic diversion of funds, which resulted in RCL's default on NCD redemption — ultimately inflicting the ₹1,816.22 crore loss on the retirement savings body. The agency said it is now working to trace the end use of the invested funds and identify all individuals involved, including any public servants.

Anil Ambani's Response

A spokesperson for Anil Ambani said the FIR pertains to Reliance Capital Ltd as a corporate entity, and noted that Ambani had served as the company's Non-Executive Director and Chairman from 2005 until November 2021 — when the Reserve Bank of India (RBI) superseded the company's Board of Directors and appointed an Administrator. 'Ambani denies any wrongdoing, whatsoever, and reserves all rights available to him in law,' the spokesperson said.

Part of a Broader CBI Probe into Reliance ADA Group

This FIR is not an isolated action. The CBI has previously registered seven FIRs against related entities — Reliance Communications Limited (RCom), Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL), and Reliance Telecom Limited (RTL) — based on complaints from various public sector banks and Life Insurance Corporation of India (LIC).

Across these cases, the CBI has filed four charge sheets and arrested seven accused persons. Notably, the investigation is being monitored by the Supreme Court of India, underscoring the gravity and scale of the probe into the Reliance ADA Group.

What Happens Next

The CBI has stated that its investigation will focus on identifying the roles of all persons involved, examining the alleged criminal conspiracy, and tracing how the invested funds were ultimately used. Given that the Supreme Court is monitoring proceedings, any significant development in the case is likely to face close judicial scrutiny. For EPFO — which manages the retirement savings of crores of Indian workers — recovery of the alleged losses remains the central concern.