The Central Bureau of Investigation (CBI) registered an FIR on July 31, 2026, against Reliance Capital Limited and its former Chairman Anil D Ambani, alleging fraudulent transactions and fund diversion that caused a total loss of ₹1,816.22 crore to the Employees’ Provident Fund Organisation. The FIR breaks that figure down into ₹1,007.55 crore in wrongful loss and ₹808.67 crore in accrued interest liability.
The case traces back over a decade. Between 2013 and 2014, EPFO invested ₹2,500 crore in secured Non-Convertible Debentures issued by Reliance Capital Limited, routed through four portfolio managers including Reliance Capital Asset Management Limited. Those NCDs were due to mature in 2023-2024.
Instead of repayment, EPFO says it got defaults, the trigger for the CBI complaint. The agency has booked Reliance Capital, Anil Ambani, and unnamed public servants and other individuals on charges of criminal conspiracy, cheating, criminal breach of trust, and criminal misconduct.
A spokesperson for Anil Ambani rejected the allegations, drawing a clear line around his actual authority at the company: “Mr Ambani denies any wrongdoing whatsoever, and reserves all rights available to him in law.”
The statement noted Ambani served only as Non-Executive Director and Chairman until November 2021, when the Reserve Bank of India superseded Reliance Capital’s board entirely, a distinction his team is drawing between formal titleholder and operational decision-maker.
This isn’t an isolated Reliance matter either. The CBI has already filed seven FIRs against various Reliance Group entities, including RCom, RHFL, RCFL, and RTL, produced four chargesheets, and arrested seven people connected to those cases, all under Supreme Court monitoring. This EPFO case adds an eighth thread to a group of investigations that’s been unspooling for years.
