CBI Registers FIR Against Reliance Capital, Anil Ambani in LIC Investment Case
New Delhi, September 18: ANB; The Central Bureau of Investigation (CBI) has registered an FIR against Reliance Capital Ltd. (RCAP), its former Chairman Anil D. Ambani, Satish Seth, Group Managing Director of Reliance Anil Dhirubhai Ambani Group (ADA Group), unidentified public servants and others in connection with an alleged investment fraud involving the Life Insurance Corporation of India (LIC).
According to the CBI, the case was registered on the basis of a written complaint received from LIC. The complaint alleges that between April 12, 2012, and March 9, 2018, LIC subscribed to five Non-Convertible Debentures (NCDs) issued by RCAP, involving a total investment of ₹3,900 crore.
The CBI said LIC has alleged that the accused persons entered into a criminal conspiracy and committed offences including cheating, criminal breach of trust, criminal misconduct, misappropriation of funds and falsification of accounts. The allegations state that LIC was allegedly induced to invest in RCAP through misrepresentation, following which the funds were allegedly diverted.
According to the agency, the alleged acts caused a wrongful loss of Rs 2,684.57 crore to LIC, with corresponding wrongful gain allegedly accruing to the accused and other beneficiaries.
The CBI said the investigation is underway to ascertain the role of all persons allegedly involved, including public servants and private individuals, examine the alleged criminal conspiracy and trace the end-use and diversion of the invested funds.
The agency also recalled that it had earlier registered eight FIRs against Reliance Communications Ltd., Reliance Capital Ltd., Reliance Home Finance Ltd., Reliance Commercial Finance Ltd. and Reliance Telecom Ltd. on complaints received from various public sector banks, EPFO and LIC.
The CBI said that, in those cases, it has so far filed six charge-sheets and arrested seven accused persons. The cases remain under investigation and are being monitored by the Supreme Court. The agency said it remains committed to conducting a comprehensive and expeditious investigation.
The allegations in the FIR are subject to investigation and judicial determination. ANB
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