Anil Ambani and Reliance Capital face CBI probe over alleged LIC fraud

The Central Bureau of Investigation (CBI) has registered a First Information Report (FIR) against Reliance Capital Limited (RCAP), its former chairman Anil Ambani, and Group Managing Director Satish Seth following a complaint from the Life Insurance Corporation of India (LIC).

LIC alleges that between April 2012 and March 2018, it subscribed to five non-convertible debentures issued by Reliance Capital totaling Rs 3,900 crore. The insurance provider claims that through misrepresentation and criminal conspiracy, the funds—intended for general corporate purposes and debt refinancing—were diverted and misappropriated. This has allegedly resulted in a wrongful loss of Rs 2,684.57 crore to LIC.

The CBI investigation aims to address allegations of cheating, criminal breach of trust, criminal misconduct, and the falsification of accounts. The agency is also looking into the potential involvement of unidentified public servants and tracing the end-use of the diverted funds.

A spokesperson for Anil Ambani has denied all wrongdoing, noting that Ambani served as a Non-Executive Director and Chairman until the Reserve Bank of India superseded the board in November 2021.