CBI FIR: Anil Ambani denies wrongdoing, says matter is RCAP-related

Anil Ambani's spokesperson denies wrongdoing in a new CBI FIR concerning Reliance Capital. The case, based on an LIC complaint, alleges a ₹2,684.57 crore loss due to fund diversion from non-convertible debentures issued by the company.

Anil Ambani Denies Wrongdoing

In response to a newly registered FIR by the Central Bureau of Investigation (CBI), spokesperson for Anil Ambani on Friday denied any wrongdoing, stating that the matter pertains strictly to Reliance Capital Limited (RCAP). The spokesperson highlighted that Ambani served solely as a Non-Executive Director and Chairman of the Board until November 2021, when the Reserve Bank of India superseded the board and appointed an administrator, adding that Ambani reserves all legal rights.

“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of the Board of Reliance Capital Limited from 2005 until November 2021, when the Reserve Bank of India superseded the Board of Directors of the company and appointed an Administrator.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,” said the spokesperson.

LIC Alleges Multi-Crore Fraud

The defence comes as the CBI acts on a written complaint from the Life Insurance Corporation of India (LIC) accusing RCAP, Anil D Ambani, former Group Managing Director Satish Seth, unknown public servants, and others of criminal conspiracy, cheating, criminal breach of trust, diversion of funds, and falsification of accounts.

Between April 12, 2012, and March 9, 2018, LIC subscribed to five Non-Convertible Debentures (NCDs) issued by RCAP, totalling ₹3,900 crore, intended for corporate expenses, funding, and debt refinancing. LIC alleged that misrepresentation and fraudulent diversion of funds resulted in a wrongful loss of ₹2,684.57 crore to the public insurer, with corresponding wrongful gains to the accused.

Ongoing and Previous CBI Probes

CBI is actively investigating the conspiracy, public and private roles, and the exact end-use or diversion of the invested funds.

The CBI had previously registered 08 separate FIRs involving various Reliance ADA Group entities (including RCom, RHFL, RCFL, and RTL) based on complaints from public sector banks, the EPFO, and LIC. To date, the agency has filed 6 charge-sheets and arrested 7 individuals in connected probes, which remain under active monitoring by the Supreme Court. (ANI)

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