CBI registers FIR against Reliance Capital & Anil Ambani over ₹2,684-crore LIC loss
LIC alleges that the accused entered into a criminal conspiracy, committing cheating, criminal breach of trust, criminal misconduct, diversion and misappropriation of funds, and falsification of accounts.
- Sep 21, 2026,
- Updated Sep 21, 2026 12:51 PM IST
In a major regulatory crackdown, the Central Bureau of Investigation (CBI) has registered a First Information Report (FIR) against Reliance Capital Limited (RCAP), Mumbai, its former Chairman Anil D Ambani, and Satish Seth, Group MD of Reliance Anil Dhirubhai Ambani Group (ADA Group), alongside unknown public servants and others, following a written complaint lodged by the Life Insurance Corporation of India (LIC).
The case concerns an alleged fraud of ₹2,684.57 crore involving investments made by the Life Insurance Corporation of India (LIC).
A high-level investigation has been launched to determine the roles of all individuals involved, including private persons and public servants, unpack the broader criminal conspiracy, and trace the precise end-use and diversion of the invested funds.
According to the LIC complaint, the alleged offenses occurred between April 12, 2012, and March 9, 2018. During this window, LIC subscribed to five Non-Convertible Debentures (NCDs) issued by RCAP aggregating to ₹3,900 crore, meant for general corporate purposes, operational funding requirements, and the refinancing of existing debt.
However, LIC alleges that the accused entered into a criminal conspiracy, committing cheating, criminal breach of trust, criminal misconduct, diversion and misappropriation of funds, and falsification of accounts. The insurance giant claims it was dishonestly induced into making the investment through deliberate misrepresentation, after which the capital was fraudulently diverted. These actions reportedly resulted in a wrongful loss of ₹2,684.57 crore to LIC, generating a corresponding wrongful gain for the accused and other beneficiaries.
This latest move escalates existing legal scrutiny surrounding the group. The CBI had previously registered eight FIRs involving Reliance Communications Ltd. (RCom), Reliance Capital Ltd. (RCAP), Reliance Home Finance Ltd. (RHFL), Reliance Commercial Finance Ltd. (RCFL), and Reliance Telecom Ltd. (RTL) following complaints from various Public Sector Banks, the Employees' Provident Fund Organisation (EPFO), and LIC. Across those earlier cases, the agency has filed six charge-sheets and arrested seven individuals under the direct monitoring of the Supreme Court of India.
Pushing back against the allegations, a spokesperson for Anil D Ambani issued an official clarification rejecting any wrongdoing.
“The FIR registered by the CBI pertains to Reliance Capital Limited. Mr. Ambani served as a Non-Executive Director/Chairman of the Board of Reliance Capital Limited from 2005 until November 2021, when the Reserve Bank of India superseded the Board of Directors of the company and appointed an Administrator,” the spokesperson said.
Firmly dismissing the charges, the statement underscored that the former chairman would pursue all available legal avenues.
“Mr. Ambani denies any wrongdoing, whatsoever, and reserves all rights available to him in law,” the spokesperson added.
In a major regulatory crackdown, the Central Bureau of Investigation (CBI) has registered a First Information Report (FIR) against Reliance Capital Limited (RCAP), Mumbai, its former Chairman Anil D Ambani, and Satish Seth, Group MD of Reliance Anil Dhirubhai Ambani Group (ADA Group), alongside unknown public servants and others, following a written complaint lodged by the Life Insurance Corporation of India (LIC).
The case concerns an alleged fraud of ₹2,684.57 crore involving investments made by the Life Insurance Corporation of India (LIC).
A high-level investigation has been launched to determine the roles of all individuals involved, including private persons and public servants, unpack the broader criminal conspiracy, and trace the precise end-use and diversion of the invested funds.
According to the LIC complaint, the alleged offenses occurred between April 12, 2012, and March 9, 2018. During this window, LIC subscribed to five Non-Convertible Debentures (NCDs) issued by RCAP aggregating to ₹3,900 crore, meant for general corporate purposes, operational funding requirements, and the refinancing of existing debt.
However, LIC alleges that the accused entered into a criminal conspiracy, committing cheating, criminal breach of trust, criminal misconduct, diversion and misappropriation of funds, and falsification of accounts. The insurance giant claims it was dishonestly induced into making the investment through deliberate misrepresentation, after which the capital was fraudulently diverted. These actions reportedly resulted in a wrongful loss of ₹2,684.57 crore to LIC, generating a corresponding wrongful gain for the accused and other beneficiaries.
This latest move escalates existing legal scrutiny surrounding the group. The CBI had previously registered eight FIRs involving Reliance Communications Ltd. (RCom), Reliance Capital Ltd. (RCAP), Reliance Home Finance Ltd. (RHFL), Reliance Commercial Finance Ltd. (RCFL), and Reliance Telecom Ltd. (RTL) following complaints from various Public Sector Banks, the Employees' Provident Fund Organisation (EPFO), and LIC. Across those earlier cases, the agency has filed six charge-sheets and arrested seven individuals under the direct monitoring of the Supreme Court of India.
Pushing back against the allegations, a spokesperson for Anil D Ambani issued an official clarification rejecting any wrongdoing.
“The FIR registered by the CBI pertains to Reliance Capital Limited. Mr. Ambani served as a Non-Executive Director/Chairman of the Board of Reliance Capital Limited from 2005 until November 2021, when the Reserve Bank of India superseded the Board of Directors of the company and appointed an Administrator,” the spokesperson said.
Firmly dismissing the charges, the statement underscored that the former chairman would pursue all available legal avenues.
“Mr. Ambani denies any wrongdoing, whatsoever, and reserves all rights available to him in law,” the spokesperson added.