The Central Bureau of Investigation has filed an FIR against Reliance Capital regarding an alleged ₹2,684.57 crore fraud involving LIC investments from 2012 to 2018. The case focuses on claims of fund diversion and misrepresentation. While the company is currently under insolvency resolution, this probe adds to the ongoing regulatory scrutiny of the former promoter group’s past operations.
The Central Bureau of Investigation (CBI) has launched a formal probe into Reliance Capital Limited following a criminal complaint by the Life Insurance Corporation of India. The investigation concerns investments made by the state-run insurer into the company between 2012 and 2018. Authorities allege that out of the roughly ₹3,900 crore invested by the insurer in non-convertible debentures, approximately ₹2,684.57 crore was misappropriated through the falsification of accounts and criminal conspiracy.
According to the official complaint, the insurer was led to believe that these funds were required for corporate needs and debt refinancing, but they were allegedly diverted for other purposes. The CBI has named the corporate entity, former senior management, and unidentified public servants in the FIR. Anil Ambani, through a representative, has denied the allegations, pointing out that his role as a non-executive chairman ended in November 2021, when the Reserve Bank of India superseded the company’s board due to governance and payment default concerns.
For investors and market participants, the relevance of this development lies in the historical context of the Reliance ADA Group. The company is currently undergoing a resolution process under the National Company Law Tribunal (NCLT) as part of its insolvency proceedings. This process is distinct from the ongoing regulatory investigations into the group’s historical actions. The resolution plan involves the transfer of control to new owners, meaning the current insolvency proceedings are proceeding under the oversight of the NCLT, while the CBI investigation targets past governance and financial reporting.
This legal action is not an isolated event for the former group entities. The agency has previously opened multiple investigations into Reliance Communications, Reliance Home Finance, and other conglomerate members following complaints from public sector banks and pension funds. To date, several charge sheets have been filed and arrests made in connection with these linked probes. The Supreme Court continues to monitor the wider judicial proceedings regarding the alleged diversion of public capital.
The next steps for investors will depend on the progress of the CBI investigation and its potential impact on the resolution timeline. Monitoring the exchange filings and NCLT updates regarding the company’s restructuring process remains essential, as the probe focuses on events that occurred long before the current resolution phase began.