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CBI Registers Fresh Case Against Reliance Capital, Anil Ambani
The agency is tracing alleged fund diversion after LIC said it lost Rs 2,684.57 crore on RCAP debentures, officials said.
- On Friday, the Central Bureau of Investigation registered a case against Reliance Capital Limited , former chairman Anil Ambani, and former group managing director Satish Seth for an alleged Rs 2,684.57-crore fraud involving Life Insurance Corporation of India investments.
- The LIC alleges that between April 12, 2012, and March 9, 2018, it subscribed to five non-convertible debentures issued by RCAP, totaling Rs 3,900 crore for "general corporate purposes, funding requirements and refinancing of existing debt."
- Officials claim the accused "entered a criminal conspiracy" and used "misrepresentation" to induce the investment, then "fraudulently diverted the said funds," causing a "wrongful loss to the tune of Rs 2,684.57 crore to LIC."
- The CBI is now conducting a broader investigation to identify roles of public servants and private individuals involved, while the Supreme Court monitors the ongoing cases.
- This FIR follows eight previous cases the agency registered against various Reliance entities, though Ambani has consistently maintained he has done no wrong regarding the allegations.
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CBI books Reliance Capital in LIC fraud case; Anil Ambani denies wrongdoing
The CBI has registered an FIR against Reliance Capital, Anil Ambani, Satish Seth and others over alleged diversion of LIC investment funds. Ambani has denied wrongdoing as investigators examine the alleged conspiracy and the end-use of Rs 3,900 crore invested by LIC.
·Noida, India
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Anil Ambani Denies Wrongdoing as CBI Registers New FIR Against Reliance Capital over Alleged ₹2,684 Cr Loss to LIC
Get latest articles and stories on India at LatestLY. In response to a newly registered FIR by the Central Bureau of Investigation (CBI), spokesperson for Anil Ambani on Friday denied any wrongdoing, stating that the matter pertains strictly to Reliance Capital Limited (RCAP). India News | Anil Ambani Denies Wrongdoing as CBI Registers New FIR Against Reliance Capital over Alleged ₹2,684 Cr Loss to LIC.
·Mumbai, India
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Coverage Details
Total News Sources18
Leaning Left2Leaning Right5Center0Last UpdatedBias Distribution71% Right
Bias Distribution
- 71% of the sources lean Right
71% Right
L 29%
R 71%
Factuality
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