CBI Slams Anil Ambani and Reliance Capital With ₹1,816 Crore EPFO Investment Fraud Case

The Central Bureau of Investigation (CBI) has registered a fresh FIR against Reliance Capital Limited, its former chairman Anil Ambani, public servants, and unnamed individuals over an alleged ₹1,816 crore fraud involving retirement funds of the Employees' Provident Fund Organisation (EPFO). The case, filed on a written complaint from the Ministry of Labour and Employment, accuses the company and its top executives of criminal conspiracy, cheating, and fund diversion.

₹2,500 Crore Investment Turned Default

According to the CBI's initial probe, the case traces back to 2013 and 2014, when Reliance Capital Limited issued secured Non-Convertible Debentures (NCDs). The EPFO invested ₹2,500 crore in these instruments through four portfolio managers, including Reliance Capital Asset Management Limited.

These NCDs were scheduled to mature between 2023 and 2024. However, investigators allege that the accused diverted the invested funds through fraudulent transactions, leading to a massive default in redemption when the maturity dates arrived. The default caused a principal loss of ₹1,007.55 crore, alongside an accrued interest liability of ₹808.67 crore, taking the total alleged hit to the public provident fund to ₹1,816.22 crore.

CBI Expands Net Across Reliance ADA Group Companies

The investigative agency confirmed that officers are working to establish the paper trail, trace the end-use of the diverted money, and pinpoint the exact involvement of both private individuals and public servants.

This latest action adds to the mounting legal troubles for the Reliance ADA Group. The agency has already registered seven separate FIRs involving group firms—including Reliance Communications Limited (RCom), Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL), and Reliance Telecom Limited (RTL)—following complaints lodged by public sector banks and the Life Insurance Corporation (LIC).

So far, the CBI has filed four charge-sheets and arrested seven individuals across these interconnected probes, with the entire investigation being closely monitored by the Supreme Court.