New Delhi: The Central Bureau of Investigation (CBI) has registered a case against former Reliance Capital chairman Anil Ambani and others, following a complaint alleging a Rs 2,684 crore fraud linked to investments made by the Life Insurance Corporation of India (LIC).
According to the complaint, Reliance Capital issued five debentures between 2012 and 2018. LIC invested about Rs 3,900 crore in these instruments, which were stated to be for general corporate purposes, funding needs and reduction of existing debt.
LIC has alleged that the company provided misleading information to induce the investment, and that the funds were later diverted through improper routes. The complaint claims LIC suffered a loss of Rs 2,684.57 crore, while the accused gained an equivalent unlawful benefit.
The CBI said it will examine the role of all involved, including government officials, as part of the probe.
The agency also noted that it has earlier registered eight cases based on complaints from public sector banks including SBI, the Employees’ Provident Fund organisation and LIC, involving entities such as Reliance Communications and Reliance Capital. In those matters, six charge sheets have been filed and seven people have been arrested, with the cases continuing under investigation and under the Supreme Court’s monitoring.
