New Delhi: The Central Bureau of Investigation (CBI) has registered a case against Reliance Capital Limited (RCAP), its former chairman Anil D Ambani and others following a complaint by the Life Insurance Corporation of India (LIC) alleging fraud involving Rs 2,684.57 crore.

According to an official CBI statement issued on Friday, the FIR also names Satish Seth, Group Managing Director of Reliance Anil Dhirubhai Ambani Group (ADA Group), along with unidentified public servants and other individuals.

The case stems from a written complaint filed by LIC, which alleged that offences including cheating, criminal breach of trust, criminal misconduct, diversion and misappropriation of funds and falsification of accounts were committed.

LIC alleged that between April 12, 2012, and March 9, 2018, it subscribed to five non-convertible debentures (NCDs) issued by RCAP. The investments, totalling Rs 3,900 crore, were intended for general corporate purposes, funding requirements and refinancing of existing debt.

The insurance behemoth has alleged that the accused entered into a criminal conspiracy and induced LIC to invest in RCAP through misrepresentation. The funds were subsequently allegedly diverted and misappropriated, resulting in a wrongful loss of Rs 2,684.57 crore to LIC and corresponding gains to the accused and other beneficiaries, the CBI said.

The agency has begun investigating the matter to establish the role of all individuals involved, including public servants and private persons. It will also examine the alleged criminal conspiracy and trace the end-use and diversion of the funds, according to the statement.

Earlier CBI cases against Reliance group firms

The latest FIR is part of a wider investigation by the CBI into companies associated with the Reliance Anil Dhirubhai Ambani Group.

The agency has previously registered eight FIRs against Reliance Communications Ltd (RCom), Reliance Capital Ltd (RCAP), Reliance Home Finance Ltd (RHFL), Reliance Commercial Finance Ltd (RCFL) and Reliance Telecom Ltd (RTL).

These cases followed complaints from public sector institutions, including the State Bank of India, Employees' Provident Fund Organisation and LIC.

The CBI said it has so far filed six charge sheets and arrested seven accused persons in these cases. The investigations are continuing and are being monitored by the Supreme Court, the agency said.

Anil Ambani denies wrongdoing

Reacting to the development, a spokesperson for Anil D Ambani said the FIR concerns Reliance Capital and highlighted Ambani's role as a non-executive director and chairman of the company's board.

“The FIR registered by the CBI pertains to Reliance Capital Limited. 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. Mr Ambani denies any wrongdoing whatsoever, and reserves all rights available to him in law.”