CBI Books Reliance Capital in Rs 2,684 Crore LIC Fraud Case
The CBI has registered an FIR against Reliance Capital, Anil Ambani and others over an alleged Rs 2,684.57 crore loss involving LIC investments.
The CBI has registered an FIR against Reliance Capital, its former chairman Anil Ambani, former group managing director Satish Seth and others over an alleged Rs 2,684.57 crore fraud involving investments made by the Life Insurance Corporation of India (LIC). Ambani has denied any wrongdoing.
According to the CBI, LIC invested Rs 3,900 crore in five non-convertible debentures issued by Reliance Capital between April 2012 and March 2018. The investments were intended for general corporate purposes, funding requirements and refinancing existing debt.
The agency said LIC alleged that it was induced to make the investments through misrepresentation and that the funds were later diverted or misappropriated. The alleged conduct resulted in a wrongful loss of Rs 2,684.57 crore to LIC, according to the FIR.
The CBI is investigating allegations including cheating, criminal breach of trust, criminal misconduct, diversion of funds and falsification of accounts. It will also examine the alleged conspiracy, the role of public servants and private individuals, and the eventual use of the invested money.
Ambani’s spokesperson said the FIR concerns Reliance Capital and noted that Ambani served as its non-executive director and chairman until November 2021, when the RBI superseded the company’s board. Ambani has denied any wrongdoing and said he reserves his legal rights.
The case adds another chapter to the ongoing investigations involving companies linked to the Reliance Group.
