CBI Registers FIR Against Reliance Capital, Anil Ambani Over Alleged ₹2,684 Crore LIC Fraud

The Central Bureau of Investigation (CBI) has registered a First Information Report (FIR) against Reliance Capital Limited (RCAP), its former chairman Anil D. Ambani, former Reliance ADA Group Managing Director Satish Seth, unidentified public servants and others following a written complaint filed by the Life Insurance Corporation of India (LIC).
According to the FIR, LIC alleged that it had invested ₹3,900 crore in five non-convertible debentures (NCDs) issued by Reliance Capital between April 12, 2012, and March 9, 2018. The investments were made to support the company's corporate requirements and borrowing needs.
The complaint alleges that a criminal conspiracy was hatched involving cheating, diversion of funds and manipulation of accounts. As a result, LIC claimed it suffered a loss of ₹2,684.57 crore, while the accused allegedly derived unlawful gains.
The CBI has begun examining the role of all individuals and entities involved in the matter and is investigating the ultimate utilization of the funds. The agency is expected to scrutinize financial transactions and related records as part of the ongoing probe.
The case marks the latest development in a series of investigations involving companies linked to the Reliance Group. Officials noted that the CBI had earlier registered eight FIRs against various Reliance Group firms based on complaints filed by different banks, the Employees' Provident Fund Organisation (EPFO) and LIC.
Of these earlier cases, charge sheets have already been filed in six matters, and seven individuals have been arrested. Investigations in those cases are continuing under the supervision of the Supreme Court.
Responding to the latest FIR, a spokesperson for Anil D. Ambani said the case pertains to Reliance Capital Limited. The spokesperson clarified that Ambani served as a non-executive director and chairman of the company from 2005 until November 2021, when the Reserve Bank of India took control of the company's board.
The spokesperson further stated that Ambani has categorically denied all allegations levelled against him.
The investigation is currently underway, and the CBI is examining the allegations contained in LIC's complaint along with the movement and utilization of the funds in question.