CBI files EPFO cheating case against Anil Ambani
The CBI has filed a cheating case against Anil Ambani and Reliance Capital following allegations of an Rs 1,816 crore loss to the Employees’ Provident Fund Organisation. The case stems from fraudulent transactions identified by the Enforcement Directorate during the company's insolvency process.
Why it matters
This case underscores ongoing accountability issues within India's corporate sector and the protection of public retirement funds from financial mismanagement.
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director/chairman of the Board of Reliance Capital Limited from 2005 until Nov 2021, when Reserve Bank of India superseded the board of directors of the company and appointed an administrator.
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