Full Breakdown
CBI Registers FIR Over Alleged Rs 2,684.57-Crore LIC Investment Fraud Involving Reliance Capital
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FIR Details and Allegations
The Central Bureau of Investigation (CBI) has filed a first-information report (FIR) against Reliance Capital Limited (RCAP), its former chairman Anil Ambani, former group managing director Satish Seth, unidentified public servants and other persons. The complaint, lodged by the Life Insurance Corporation of India (LIC), alleges that between April 12 2012 and March 9 2018 LIC subscribed to five non-convertible debentures (NCDs) issued by RCAP for a total of INR3,900 crore. LIC claims the accused “dishonestly induced” it to invest through misrepresentation and subsequently “fraudulently diverted” the funds, causing a wrongful loss of INR2,684.57 crore. The FIR lists offences including cheating, criminal breach of trust, diversion/misappropriation of funds and falsification of accounts.
Background & Context
The FIR follows earlier CBI investigations that resulted in eight FIRs against entities within the Reliance Anil Dhirubhai Ambani Group—Reliance Communications, Reliance Home Finance, Reliance Commercial Finance and Reliance Telecom—based on complaints from public-sector banks, the Employees’ Provident Fund Organisation and LIC. Six charge-sheets have been filed and seven individuals arrested in those cases. In November 2021, the Reserve Bank of India superseded the board of Reliance Capital and appointed an administrator, ending Ambani’s tenure as non-executive director/chairman.
Data & Statistics
- Investment by LIC: INR3,900 crore across five NCDs (April 2012 – March 2018).
- Alleged loss to LIC: INR2,684.57 crore.
- Earlier CBI actions: 8 FIRs, 6 charge-sheets, 7 arrests across related Reliance entities.
Official Statements & Responses
- CBI: The FIR is based on LIC’s written complaint; the investigation will examine the role of all involved parties, including public servants, to trace the end-use of the diverted funds.
- LIC: In its complaint, LIC alleges a criminal conspiracy by the accused and cites the loss figure of INR2,684.57 crore.
- Supreme Court: The cases are being monitored by the Supreme Court, as noted on September 18 2026.
- Anil Ambani: Through a spokesperson, Ambani denies any wrongdoing, stating that the FIR pertains solely to Reliance Capital and that he served as non-executive director/chairman from 2005 until the RBI’s 2021 intervention. He reserves all legal rights.
Verbatim Quote
- “These cases are under investigation and are being monitored by the honourable Supreme Court,” — CBI
Why It Matters
The alleged diversion of billions of rupees from a sovereign insurer raises concerns about corporate governance and oversight of large-scale debt financing in India’s financial sector. The involvement of LIC, public-sector banks and EPFO highlights systemic risks when corporate entities misrepresent investment opportunities.
What's Next
The CBI has indicated that its investigation will continue to identify all participants in the alleged conspiracy and trace the ultimate destination of the funds. No further court dates or hearings have been announced.