CBI registers fresh case against Anil Ambani, Reliance Capital over LIC fraud
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New Delhi: The Central Bureau of Investigation (CBI) has registered a fresh case against Reliance Capital Limited (RCap), its former chairman Anil Ambani and others over alleged losses of Rs 2,684.5 crore to the Life Insurance Corporation of India (LIC).
The FIR also names Satish Seth, then group managing director of the Reliance Anil Dhirubhai Ambani Group, along with unidentified public servants.
According to LIC's complaint, the alleged irregularities relate to investments made between April 12, 2012, and March 9, 2018. During this period, LIC subscribed to five non-convertible debentures (NCDs) issued by RCap, with a combined value of Rs 3,900 crore. The funds were raised for general corporate purposes, meeting funding requirements and refinancing existing debt.
LIC has alleged that the accused dishonestly induced it to invest in RCap through misrepresentation and subsequently diverted the funds through fraudulent means.
The CBI is examining the roles of Ambani and other persons involved as part of its investigation into the alleged criminal conspiracy and is also seeking to trace the end-use and diversion of the funds invested by LIC, according to media reports.
Ambani's spokesperson has denied the allegations and said the FIR concerns Reliance Capital.
“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of the Board of Reliance Capital Limited from 2005 until November 2021, when the Reserve Bank of India superseded the Board of Directors of the company and appointed an Administrator,” the spokesperson said in a statement.
“Mr. Ambani denies any wrongdoing, whatsoever, and reserves all rights available to him in law,” the statement added.
Ambani, a former Rajya Sabha MP and the brother of Reliance Industries Chairman Mukesh Ambani, is facing multiple other CBI cases based on complaints by the State Bank of India, Punjab National Bank, Bank of Baroda and LIC. These cases relate to Reliance Communications and other entities.
The Enforcement Directorate (ED) has also been conducting search operations in connection with these cases under the provisions of the Prevention of Money Laundering Act (PMLA).
