Anil Ambani booked by CBI in alleged ₹1,816 crore EPFO investment fraud case

The Central Bureau of Investigation (CBI) has registered a First Information Report (FIR) against industrialist Anil D. Ambani, former chairman of Reliance Capital Limited (RCL), the company, unknown public servants and other unidentified persons over allegations of causing losses to the Employees' Provident Fund Organisation (EPFO) through investments in the company's Non-Convertible Debentures (NCDs).

According to the CBI, the FIR was registered on July 31, 2026, based on a written complaint from the EPFO under the Ministry of Labour and Employment. The agency has alleged offences including criminal conspiracy, cheating, criminal breach of trust and criminal misconduct.

The complaint alleges that Reliance Capital Limited caused a wrongful loss of ₹1,007.55 crore to the EPFO, along with an interest liability of ₹808.67 crore, taking the total alleged loss to ₹1,816.22 crore.

As per the complaint, Reliance Capital Limited issued secured Non-Convertible Debentures during 2013 and 2014. The EPFO invested ₹2,500 crore in these debentures through four portfolio managers, including Reliance Capital Asset Management Limited.

The debentures were scheduled to mature during 2023 and 2024. However, the complaint alleges that fraudulent transactions and diversion of funds led to Reliance Capital's failure to redeem the NCDs, resulting in the alleged losses to the retirement fund body.

The CBI said it has begun an investigation to determine the role of all those involved, including public servants and private individuals. The agency will also examine the alleged criminal conspiracy and trace the end use of the funds invested by the EPFO.

The allegations contained in the FIR are under investigation, and the CBI has not announced any arrests in the case.