New Delhi, September 18 (Daily Kiran) : The Central Bureau of Investigation (CBI) has taken significant action in a major investment fraud case involving the Life Insurance Corporation of India (LIC). Based on a written complaint from LIC, the agency has filed a First Information Report (FIR) against Reliance Capital Limited (RCAP), its former chairman Anil D. Ambani, Satish Seth, managing director of the Anil Dhirubhai Ambani Group, unidentified government officials, and others.
LIC claims that between April 12, 2012, and March 9, 2018, it purchased five non-convertible debentures (NCDs) issued by RCAP, amounting to ₹3,900 crore. These NCDs were intended for general corporate purposes, funding requirements, and refinancing existing debt.
According to LIC, the accused conspired to commit various crimes, including fraud, criminal breach of trust, misappropriation of funds, and manipulation of accounts. They allegedly misled LIC into investing in RCAP and subsequently diverted those funds elsewhere, resulting in a loss of ₹2,684.57 crore for LIC and an equal gain for the accused.
The CBI has stated that it is investigating the roles of all involved parties, including government officials and private individuals, to uncover the criminal conspiracy and trace the ultimate use and diversion of the invested funds.
This is not the first case against the Ambani group. Previously, the CBI filed eight FIRs based on complaints from various public sector banks, the Employees’ Provident Fund Organisation (EPFO), and LIC against Reliance Communications Limited (RCom), Reliance Capital Limited (RCAP), Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL), and Reliance Telecom Limited (RTL).
To date, the CBI has filed six charge sheets and arrested seven individuals in connection with these cases. Investigations are ongoing, with the Supreme Court overseeing the proceedings. The CBI has expressed its commitment to conducting a thorough and expedited investigation.
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