CBI FIR Against Anil Ambani: EPFO's ₹2,500 Crore Investment in Reliance Capital Bonds Under Scanner

The CBI filed a First Information Report (FIR) against Reliance Capital Ltd., former Chairman Anil Ambani, unidentified public servants, and others for alleged mismanagement of Employees' Provident Fund Organisation (EPFO) investment in non-convertible debentures (NCDs) which has led to a loss of ₹1,816.22 crore (principal and interest) from investments made in the company's bonds.

EPFO's ₹2,500 Crore Investment Under Scrutiny

EPFO invested nearly ₹2,500 crore in secured NCDs issued by Reliance Capital during 2013 and 2014 through appointed portfolio managers. The bonds were due to mature in 2023 and 2024. But, once Reliance Capital went into insolvency proceedings, EPFO only recovered part of its dues through the resolution process, leading to an alleged financial loss.

Alleged Conflict of Interest

Investigators are also looking at an alleged conflict of interest involving one of the portfolio managers. At the time, Reliance Capital Asset Management, which managed EPFO's investments, invested part of EPFO's retirement funds into debt issued by another company in the same Reliance Group, the complaint said.

Anil Ambani Denies Any Wrongdoing

In response to the FIR, a spokesperson for Anil Ambani said that he was Non-Executive Chairman of Reliance Capital until November 2021, when the RBI took over the company's board and appointed an administrator. They denied all the allegations, and said Ambani has done nothing wrong and will take all legal remedies available to him.

Investigation Continues

CBI’s charges include criminal conspiracy, cheating, criminal breach of trust, and criminal misconduct. Investment decisions, flow of funds, the role of company officials, and whether public servants or intermediaries violated applicable rules will be examined by the agency. No guilt has yet been proven, he added.

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