CBI registers FIR against Reliance Capital, Anil Ambani in LIC investment fraud case

CBI books Reliance Capital in LIC fraud case Anil Ambani denies wrongdoing

Mumbai: The Central Bureau of Investigation (CBI) has registered an FIR on the basis of a written complaint received from Life Insurance Corporation of India (LIC) against M/s Reliance Capital Limited (RCAP), Mumbai, Anil D. Ambani, former Chairman of RCAP, Satish Seth, Group Managing Director of Reliance Anil Dhirubhai Ambani Group (ADA Group), unknown public servants and others.LIC alleges losses linked to NCD investmentsAccording to the CBI, it is alleged by the LIC that during the period from April 2012 to March 2018, LIC had subscribed to 5 Non-Convertible Debentures (NCDs) aggregating to Rs. 3,900 crores issued by RCAP for general corporate purposes, funding requirements and refinancing of existing debt."It is alleged by the LIC that the accused persons entered a criminal conspiracy and committed offences of cheating, criminal breach of trust, criminal misconduct, diversion, misappropriation of funds and falsification of accounts, thereby causing wrongful loss to the tune of Rs. 2,684.57 crore to LIC and corresponding wrongful gain to themselves and other beneficiaries, by dishonestly inducing LIC to invest in RCAP through misrepresentation and thereafter fraudulently diverting the said funds, the agency said in a statement issued on Friday.Probe to examine role of individuals and fund utilisationInvestigation has been taken up to identify the role of all persons involved including public servants and private individuals, examine the criminal conspiracy and to trace the end-use, diversion of invested funds, officials said.Mumbai Man Arrested Under POCSO After Allegedly Following 10-Year-Old Boy And Recording Videos In GhatkoparCBI has earlier registered 08 FIRs against Reliance Communications Ltd. (RCom), Reliance Capital Ltd. (RCAP), Reliance Home Finance Ltd. (RHFL), Reliance Commercial Finance Ltd. (RCFL) and Reliance Telecom Ltd. (RTL) on complaints received from various Public Sector Banks, EPFO and LIC. In these cases, CBI has so far filed 06 charge-sheets and arrested 07 accused persons. These cases are under investigation which are being monitored by the Supreme Court.A Spokesperson for Anil D Ambani said, "The FIR registered by the CBI pertains to Reliance Capital Limited. Mr. Anil Ambani served as a Non-Executive Director/Chairman of the Board of Reliance Capital Limited from 2005 until November 2021, when the Reserve Bank of India superseded the Board of Directors of the company and appointed an Administrator. Mr. Ambani denies any wrongdoing, whatsoever, and reserves all rights available to him in law.”To get details on exclusive and budget-friendly property deals in Mumbai & surrounding regions, do visit: https://budgetproperties.in/

The FIR was registered on the basis of a written complaint received from the LIC against RCAP, Ambani, Seth, unidentified public servants and others, an official statement said.

The probe agency says the accused caused a loss of ₹2,684.57 crore to LIC

New Delhi, Sep 18: The Central Bureau of Investigation (CBI) has registered an FIR based on a written complaint received from Life Insurance Corporation of India (LIC) against Reliance Capital Limited (RCAP), Anil D. Ambani, former chairman of Reliance Capital, Satish Seth, Group Managing Director of Reliance Anil Dhirubhai Ambani Group (ADA Group), unknown public servants and others in an alleged fraud of Rs 2,684.57 crore, according to an official statement issued by the investigative agency on Friday.CBI registers FIR on LIC complaintLIC has alleged that during the period from April 12, 2012, to March 9, 2018, LIC had subscribed to five non-convertible debentures (NCDs) aggregating to Rs 3,900 crore issued by RCAP for general corporate purposes, funding requirements and refinancing of existing debt.CBI Registers Case Against M/s Reliance Capital Ltd. in connection with LIC Investment Fraud pic.twitter.com/jSjcYr5XaE— Central Bureau of Investigation (India) (@CBIHeadquarters) September 18, 2026 LIC further alleged that the accused persons entered into a criminal conspiracy and committed offences of cheating, criminal breach of trust, criminal misconduct, diversion and misappropriation of funds and falsification of accounts, thereby causing wrongful loss to the tune of Rs 2,684.57 crore to LIC and corresponding wrongful gain to themselves and other beneficiaries, by dishonestly inducing LIC to invest in RCAP through misrepresentation and thereafter fraudulently diverting the said funds.India's Semiconductor Self-Reliance Means Trusted Partnerships, Not Isolation, Says Foreign Secretary Vikram MisriInvestigation into alleged fund diversionInvestigation has been taken up to identify the role of all persons involved, including public servants and private individuals, examine the criminal conspiracy and to trace the end-use and diversion of invested funds, the CBI statement said.The CBI has earlier registered eight FIRs against Reliance Communications Ltd (RCom), Reliance Capital Ltd (RCAP), Reliance Home Finance Ltd (RHFL), Reliance Commercial Finance Ltd (RCFL) and Reliance Telecom Ltd (RTL) on complaints received from various public sector banks including the State Bank of India, EPFO and LIC. In these cases, CBI has so far filed six charge-sheets and arrested seven persons accused in these cases. The cases are under investigation and are being monitored by the Supreme Court, the statement added.Also Watch:Anil Ambani spokesperson respondsMeanwhile, a spokesperson for Anil D Ambani said: “The FIR registered by the CBI pertains to Reliance Capital Limited. Mr Ambani served as a Non-Executive Director/Chairman of the Board of Reliance Capital Limited from 2005 until November 2021, when the Reserve Bank of India superseded the Board of Directors of the company and appointed an Administrator. Mr Ambani denies any wrongdoing whatsoever, and reserves all rights available to him in law.”(Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)