New Delhi, Sept 2026 : The Central Bureau of Investigation (CBI) has registered an FIR against Reliance Capital Limited (RCAP), its former chairman Anil D. Ambani, Group Managing Director of Reliance Anil Dhirubhai Ambani Group Satish Seth, unidentified public servants and others in connection with an alleged fraud of Rs 2,684.57 crore involving the Life Insurance Corporation of India (LIC).
According to an official statement issued by the CBI on Friday, the FIR was registered on the basis of a written complaint received from LIC.
The insurer has alleged that between April 12, 2012, and March 9, 2018, it subscribed to five non-convertible debentures (NCDs) issued by RCAP, involving a total investment of Rs 3,900 crore. The funds were intended for general corporate purposes, funding requirements and refinancing of existing debt.
LIC has alleged that the accused persons entered into a criminal conspiracy and committed offences including cheating, criminal breach of trust, criminal misconduct, diversion and misappropriation of funds, and falsification of accounts.
The complaint further alleges that LIC was induced to invest in RCAP through misrepresentation and that the funds were subsequently diverted. According to the allegations, these actions resulted in a wrongful loss of Rs 2,684.57 crore to LIC and corresponding wrongful gains to the accused and other beneficiaries.
The CBI said it has initiated an investigation to establish the role of all individuals and entities involved, including public servants and private persons. The agency will examine the alleged criminal conspiracy and trace the end-use of the funds as well as the alleged diversion of the investments.
The latest case comes against the backdrop of several investigations involving companies associated with the Reliance ADA Group. The CBI said it had earlier registered eight FIRs against Reliance Communications Ltd, Reliance Capital Ltd, Reliance Home Finance Ltd, Reliance Commercial Finance Ltd and Reliance Telecom Ltd based on complaints from public sector institutions, including the State Bank of India, Employees' Provident Fund Organisation and LIC.
In those cases, the agency said it has so far filed six charge-sheets and arrested seven accused persons. The cases remain under investigation and are being monitored by the Supreme Court.
Meanwhile, a spokesperson for Anil D. Ambani said the FIR relates to Reliance Capital Limited. The spokesperson said Ambani served as a Non-Executive Director and Chairman of the company’s Board from 2005 until November 2021, when the Reserve Bank of India superseded the Board and appointed an Administrator.
“Mr Ambani denies any wrongdoing whatsoever, and reserves all rights available to him in law,” the spokesperson said.
The investigation by the CBI is now expected to examine the financial transactions in question and determine the roles, if any, of the individuals and entities named in the FIR.
