The FIR was registered on Friday on the basis of a complaint by the EPFO, which alleged a wrongful loss of ₹1,007.55 crore and an interest liability of ₹808.67 crore.
NEW DELHI: The CBI on Saturday said it has registered a case involving an alleged Employees' Provident Fund Organisation (EPFO) investment fraud of more than ₹1,816 crore against Reliance Capital Ltd., its former chairman Anil Ambani and others.
The FIR was registered on Friday on the basis of a complaint by the EPFO, which alleged a wrongful loss of ₹1,007.55 crore and an interest liability of ₹808.67 crore.
The accused have been booked on charges of criminal conspiracy, cheating, criminal breach of trust and criminal misconduct.
According to the complaint, Reliance Capital had issued secured non-convertible debentures (NCDs) in 2013 and 2014, in which the EPFO invested ₹2,500 crore through four portfolio managers, including Reliance Capital Asset Management Ltd. The debentures were due to mature in 2023 and 2024.
The CBI alleged that fraudulent transactions and diversion of funds led to the default in redemption of the NCDs, causing a total loss of ₹1,816.22 crore to the EPFO.
The agency said investigations are underway to identify the role of all those involved, including public servants and private individuals, examine the alleged criminal conspiracy and trace the end use of the invested funds.
The EPFO functions under the Union Ministry of Labour and Employment.
The CBI had earlier registered seven FIRs against companies of the Reliance ADA Group based on complaints from public sector banks and LIC. It has so far filed four chargesheets and arrested seven accused in those cases, with the investigation being monitored by the Supreme Court.
( Source : Deccan Chronicle )
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