CBI registers ₹1,816 crore EPFO fraud FIR against Reliance Capital, Anil Ambani
Synopsis
The CBI has registered a fresh FIR against Reliance Capital and former Chairman Anil Ambani, alleging that a ₹2,500 crore EPFO investment in secured debentures was fraudulently diverted, resulting in a ₹1,816.22 crore loss to workers' retirement funds. This is the eighth FIR the agency has filed against Reliance ADA Group entities — all under Supreme Court monitoring.
Key Takeaways
The CBI registered an FIR on 1 August against Reliance Capital Limited and former Chairman Anil Ambani over an alleged ₹1,816.22 crore loss to the EPFO .
The EPFO had invested ₹2,500 crore in Reliance Capital NCDs during 2013–2014 , which were due to mature in 2023–2024 .
The alleged loss comprises a principal shortfall of ₹1,007.55 crore and interest liability of ₹808.67 crore .
The CBI has previously filed seven FIRs against other Reliance ADA Group entities, resulting in four chargesheets and seven arrests .
All related cases are being monitored by the Supreme Court of India .
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 unidentified individuals for allegedly causing a total loss of ₹1,816.22 crore to the Employees' Provident Fund Organisation (EPFO). The complaint, filed by the EPFO under the Ministry of Labour and Employment, alleges 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) during 2013 and 2014, in which the EPFO invested ₹2,500 crore through four portfolio managers, including Reliance Capital Asset Management Limited. The NCDs were scheduled to mature between 2023 and 2024.
Investigators allege that the accused engaged in fraudulent transactions and diverted funds, leading to a default on NCD redemptions. The resulting loss to the EPFO is pegged at a principal shortfall of ₹1,007.55 crore and an additional interest liability of ₹808.67 crore, totalling ₹1,816.22 crore.
Scope of the Investigation
The CBI stated that its probe will focus on identifying the roles of all individuals involved — including public servants and private parties — examining the alleged criminal conspiracy, and tracing the end use of the invested funds. 'Investigation has been taken up to identify the role of all persons involved, including public servants and private individuals, examine the alleged criminal conspiracy, and trace the end use of the invested funds,' the agency said in its statement.
Part of a Broader Pattern of Reliance ADA Group Cases
This FIR is not the first action the CBI has taken against entities linked to the Reliance ADA Group. The agency has previously registered seven FIRs against 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 LIC.
In those cases, the CBI has so far filed four chargesheets and arrested seven accused persons. Notably, all these cases are under active investigation and are being monitored by the Supreme Court of India.
What Happens Next
The CBI has affirmed its commitment to an 'expeditious and comprehensive investigation' into the EPFO fraud case. With Supreme Court oversight already in place for related Reliance ADA Group matters, the new FIR is likely to face similar judicial scrutiny. The identification of the unnamed public servants cited in the complaint is expected to be a key focus of the next phase of the probe.
Point of View
Not just bank or institutional capital. With over ₹2,500 crore of provident fund money allegedly diverted, this case has the potential to sharpen public scrutiny on how EPFO's portfolio managers were selected and supervised. The CBI's acknowledgement of unnamed public servants in the FIR is significant: it signals that the investigation may extend into regulatory or government oversight failures, not just corporate misconduct. Given that seven earlier FIRs have yielded only four chargesheets and seven arrests across multiple entities, the pace of accountability will itself be on trial.
NationPress
1 Aug 2026
Frequently Asked Questions
What is the CBI's EPFO fraud case against Reliance Capital?
The CBI has registered an FIR against Reliance Capital Limited and its former Chairman Anil Ambani, alleging that a ₹2,500 crore EPFO investment in secured Non-Convertible Debentures was fraudulently diverted, causing a total loss of ₹1,816.22 crore to the EPFO. The complaint was filed by the EPFO under the Ministry of Labour and Employment.
How much money did the EPFO lose in the Reliance Capital NCD investment?
The EPFO allegedly lost ₹1,816.22 crore in total — comprising a principal shortfall of ₹1,007.55 crore and an interest liability of ₹808.67 crore — following the default on NCD redemptions by Reliance Capital Limited.
When did the EPFO invest in Reliance Capital NCDs?
The EPFO invested ₹2,500 crore in Reliance Capital's secured Non-Convertible Debentures during 2013 and 2014, through four portfolio managers including Reliance Capital Asset Management Limited. The NCDs were due to mature between 2023 and 2024.
Is this the first CBI case against the Reliance ADA Group?
No. The CBI had previously registered seven FIRs against Reliance Communications, Reliance Home Finance, Reliance Commercial Finance, and Reliance Telecom based on complaints from public sector banks and LIC. Four chargesheets have been filed and seven persons arrested in those cases.
Who is overseeing the CBI's investigation into Reliance ADA Group cases?
The Supreme Court of India is monitoring all existing CBI cases against Reliance ADA Group entities. The CBI has stated it is committed to an expeditious and comprehensive investigation, and the new EPFO case is expected to face similar judicial oversight.
