CBI Registers FIR Against Reliance Capital, Anil Ambani Over ₹1,816 Crore EPFO Loss

New Delhi, Aug 2: The Central Bureau of Investigation (CBI) has registered an FIR against Reliance Capital Ltd. (RCL) and its former chairman Anil D. Ambani over allegations that the company caused a loss of ₹1,816.22 crore to the Employees’ Provident Fund Organisation (EPFO), officials said on Saturday. The FIR follows a complaint filed by the Union Ministry of Labour and Employment on July 21, alleging offences including cheating, criminal conspiracy and causing wrongful loss to the EPFO. According to the complaint, the EPFO invested ₹2,500 crore in secured Non-Convertible Debentures (NCDs) issued by Reliance Capital during 2013 and 2014 through its portfolio managers. These debentures were scheduled to mature in 2023 and 2024. The ministry alleged that the EPFO suffered substantial losses after Reliance Capital failed to honour its repayment obligations. The complaint cited findings from the Enforcement Directorate (ED), which reportedly uncovered documentary evidence and a transaction audit by BDO India LLP indicating prima facie fraudulent transactions and diversion of funds within the company. The complaint further alleged that irregular lending, diversion of funds, impairment of security and other financial irregularities contributed to the deterioration of Reliance Capital’s financial position, ultimately resulting in losses to the EPFO. Responding to the FIR, a spokesperson for Anil Ambani denied all allegations. The spokesperson stated that Ambani served as a Non-Executive Director and Chairman of Reliance Capital from 2005 until November 2021, when the Reserve Bank of India superseded the company’s board and appointed an administrator. “Mr. Anil Ambani denies any wrongdoing whatsoever and reserves all rights available to him under the law,” the spokesperson said. The CBI is expected to investigate the alleged financial irregularities and determine whether fraudulent conduct led to the losses suffered by the EPFO.