The Central Bureau of Investigation (CBI) has initiated a major regulatory action, filing a First Information Report (FIR) against Reliance Capital Limited (RCAP), its former chairman Anil D. Ambani, and Satish Seth, Group MD of Reliance Anil Dhirubhai Ambani Group (ADA Group). The action follows a written complaint lodged by the Life Insurance Corporation of India (LIC).
The core of the case revolves around an alleged fraud amounting to ₹2,684.57 crore, specifically concerning investments made by LIC. A high-level investigation is now underway to determine the roles of all implicated individuals, including private persons and public servants, to uncover the broader criminal conspiracy, and to meticulously trace the end-use and diversion of the invested funds.
According to LIC's complaint, the alleged offenses occurred between April 12, 2012, and March 9, 2018. During this period, LIC subscribed to five Non-Convertible Debentures (NCDs) issued by RCAP, totaling ₹3,900 crore. These funds were purportedly intended for general corporate purposes, operational funding, and the refinancing of existing debt.
However, LIC alleges that the accused engaged in a criminal conspiracy, committing cheating, criminal breach of trust, criminal misconduct, diversion and misappropriation of funds, and falsification of accounts. The insurance giant claims it was dishonestly induced into making the investment through deliberate misrepresentation, after which the capital was fraudulently diverted. These actions reportedly resulted in a wrongful loss of ₹2,684.57 crore to LIC, while generating a corresponding wrongful gain for the accused and other beneficiaries.
This latest development adds to existing legal scrutiny surrounding the Reliance group. The CBI had previously registered eight FIRs involving Reliance Communications Ltd. (RCom), Reliance Capital Ltd. (RCAP), Reliance Home Finance Ltd. (RHFL), Reliance Commercial Finance Ltd. (RCFL), and Reliance Telecom Ltd. (RTL). These earlier complaints originated from various Public Sector Banks, the Employees' Provident Fund Organisation (EPFO), and LIC. Across those cases, the agency has filed six charge-sheets and arrested seven individuals, all under the direct monitoring of the Supreme Court of India.
In response to the allegations, a spokesperson for Anil D. Ambani issued an official clarification, firmly rejecting any wrongdoing. The spokesperson stated, “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.” The statement emphasized that Mr. Ambani denies any wrongdoing whatsoever and reserves all available legal rights.