The Central Bureau of Investigation has initiated criminal proceedings against Reliance Capital Limited, its former chairman Anil Ambani, alongside unidentified public servants and private individuals. Official action was taken on July 31, 2026, following a formal written complaint submitted by the Employees' Provident Fund Organisation. Federal investigators are probing allegations of criminal conspiracy, cheating, criminal breach of trust, and criminal misconduct that allegedly inflicted a total financial loss of ₹1,816.22 crore on the retirement fund body.
Debenture Investments and Operational Timeline
According to investigative details released by the agency, the underlying exposure traces back to debt instruments issued during 2013 and 2014, when Reliance Capital Limited floated secured non-convertible debentures. During that period, the Employees' Provident Fund Organisation allocated ₹2,500 crore into these debentures through four appointed portfolio managers, which included Reliance Capital Asset Management Limited. These debt holdings carried specified tenure structures and were scheduled for complete redemption across 2023 and 2024.
Allegations of Fund Diversion and Financial Default
The primary grievance outlined in the complaint focuses on fraudulent transactions and the systematic diversion of capital by key corporate entities. Investigative authorities state that the accused engaged in unauthorized financial transfers that created severe liquidity distress, rendering Reliance Capital Limited incapable of honoring its redemption commitments upon maturity. Consequently, the pension fund sustained a direct principal loss of ₹1,007.55 crore alongside an accrued interest liability of ₹808.67 crore, culminating in the aggregate alleged loss of ₹1,816.22 crore.
Scope of the CBI Probe and End-Use Tracking
With the formal registration of the case, federal agents have commenced a detailed inquiry to trace the exact trajectory of the diverted capital. The investigation will examine the specific administrative and executive roles played by all involved individuals, including public officials and private executives connected to the decision-making process. Forensic auditors and investigators are working to track the ultimate end use of the invested funds to establish criminal liability and uncover the full extent of the conspiracy.
Broader Legal Troubles and Ongoing Supreme Court Oversight
This recent registration adds to a series of legal cases involving multiple entities connected to the reliance business group. Federal authorities had previously filed seven separate first information reports involving Reliance Communications Limited, Reliance Home Finance Limited, Reliance Commercial Finance Limited, and Reliance Telecom Limited, acting on formal complaints received from public sector banks and the Life Insurance Corporation of India. Across those ongoing cases, investigators have submitted four charge sheets and arrested seven individuals. All related financial inquiries remain active under the supervision of the Supreme Court of India.
