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CBI Registers FIR Against Anil Ambani Over Alleged LIC Fraud
The CBI has opened a case about money invested by LIC in Reliance Capital.
LIC says it invested Rs 3,900 crore through five debt instruments between 2012 and 2018.
It claims that Rs 2,684.57 crore was wrongly lost.
LIC also alleges that the money was obtained through misleading information and then diverted.
The allegations name Anil Ambani, Satish Seth, Reliance Capital and others.
The CBI is checking how the money was used and who was involved.
Anil Ambani has said he has done nothing wrong.
The case is still being investigated, so the allegations have not been finally proved.
The CBI registered an FIR against Reliance Capital, Anil Ambani, Satish Seth and others over an alleged Rs 2,684.57-crore fraud.
LIC alleged that it invested Rs 3,900 crore in five Reliance Capital non-convertible debentures between April 2012 and March 2018.
The investments were intended for corporate purposes, funding needs and refinancing existing debt.
The allegations include criminal conspiracy, misrepresentation, cheating, fund diversion, breach of trust and falsification of accounts.
The CBI is tracing the funds and investigating all involved; Ambani has maintained that he did nothing wrong.
- Who
- The CBI is investigating Reliance Capital Limited, former chairman Anil Ambani, former group managing director Satish Seth, unidentified public servants and others, following a complaint by LIC.
- What
- The CBI registered an FIR over an alleged Rs 2,684.57-crore loss involving LIC investments in Reliance Capital.
- Where
- The reports identify the CBI and LIC but do not specify a location for the alleged conduct.
- When
- LIC’s five investments were made between April 12, 2012, and March 9, 2018; the FIR was registered on Friday, according to the reports.
- Why
- LIC alleges that it was induced to invest through misrepresentation and that the funds were later fraudulently diverted or misappropriated.
Investigators’ and LIC’s Allegations
Anil Ambani’s Position
Whether misconduct occurred
Investigators’ and LIC’s Allegations
LIC alleges criminal conspiracy, misrepresentation, cheating, breach of trust, fund diversion or misappropriation, and falsification of accounts.
Anil Ambani’s Position
Anil Ambani has consistently maintained that he has done no wrong; no immediate response from his spokesperson was available.
Use of invested funds
Investigators’ and LIC’s Allegations
LIC alleges that the funds were fraudulently diverted, causing it a wrongful loss of Rs 2,684.57 crore.
Anil Ambani’s Position
The reports do not provide a detailed response from Ambani or Reliance Capital addressing the alleged diversion.
Current status
Investigators’ and LIC’s Allegations
The CBI says it is investigating the allegations, identifying everyone involved and tracing the funds’ end use.
Anil Ambani’s Position
The allegations remain under investigation and have not been established as final findings in the reports.
Key facts
- Alleged loss
- Rs 2,684.57 crore
- Total LIC investment
- Rs 3,900 crore
- Investment instruments
- Five non-convertible debentures issued by Reliance Capital
- Investment period
- April 12, 2012, to March 9, 2018
- FIR basis
- A written complaint from the Life Insurance Corporation of India
- Investigation status
- The CBI is tracing the funds and examining the roles of public servants and private individuals
- Ambani’s position
- Anil Ambani has maintained that he has done no wrong
Sources
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