CBI files cheating case against Anil Ambani, Reliance Capital

CBI said it is investigating into the roles of all persons involved

MUMBAI: CBI has registered a cheating FIR against Anil D Ambani; Reliance Capital Limited (RCap); Satish Seth, group managing director of Reliance Anil Dhirubhai Ambani Group ; and unknown public servants and others for causing losses to the tune of Rs 2,684.5 crore to Life Insurance Corporation of India (LIC).A spokesperson for Anil D Ambani said, “The FIR registered by CBI pertains to RCap. Ambani served as a non-executive director/chairman of the board of RCap from 2005 until Nov 2021, when Reserve Bank of India superseded the board of directors of the company and appointed an administrator. Ambani denies any wrongdoing, whatsoever, and reserves all rights available to him in law.”CBI alleged that between 2012 and 2018, LIC had subscribed to five non-convertible debentures (NCDs) aggregating to Rs 3,900 crore issued by RCap for general corporate purposes, funding requirements and refinancing of existing debt. In its complaint to CBI, LIC alleged the accused dishonestly induced LIC to invest in RCap through misrepresentation and thereafter fraudulently diverted the funds.CBI said it is investigating into the roles of all persons involved, including public servants and private individuals, examining the criminal conspiracy and tracing the end-use/diversion of invested funds.