MUMBAI: CBI lodged a cheating case against Reliance Capital Ltd (RCL), its ex-chairman Anil Ambani and unknown public servants in the alleged Rs 1,816 crore loss caused to Employees’ Provident Fund Organisation (EPFO).CBI alleged that EPFO invested Rs 2,500 crore in RCL’s secured non-convertible debentures in 2013-14 and the company subsequently defaulted on repayment.Earlier, the issue was settled before National Company Law Tribunal (NCLT), but recently ED shared its investigation finding of RCL’s fraudulent transactions. Based on this, EPFO subsequently filed a fraud case with CBI against Ambani and RCL.A spokesperson of Anil Ambani said, “The FIR registered by CBI pertains to Reliance Capital Limited. Ambani served as a non-executive director/chairman of the Board of Reliance Capital Limited from 2005 until Nov 2021, when Reserve Bank of India superseded the board of directors of the company and appointed an administrator. Ambani denies any wrongdoing, whatsoever, and reserves all rights available to him in law.”EPFO administered the Employees’ Provident Fund, Pension Scheme and Deposit Linked Insurance Scheme. The fund accumulations with EPFO were vested in Central Board of Trustees (CBT), the statutory governing body which held, managed and invested such funds in trust for benefit of the subscribers.RCL’s financial position deteriorated in 2019, and the company subsequently went into Corporate Insolvency Resolution Process.
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In 2021, EPFO lodged its claim before the resolution professional and, after NCLT approval in 2024, EPFO received Rs 1,492 crore of its total dues. The remaining amount of Rs 1,007 crore, along with Rs 809 crore interest, remained unpaid.ED, which probed RCL in a separate case, recently shared its findings with EPFO.EPFO said in its complaint to CBI that “the conduct of and transactions entered into Reliance Capital Limited and the persons in charge of its management during the period 7 Dec 2019 to 6 Dec 2021 disclose various fraudulent transactions…”
