CBI registers ninth case against Anil Ambani
The Central Bureau of Investigation (CBI) on Friday registered a new case against Reliance Capital Limited (RCAP), its former chairman Anil Ambani, former group managing director Satish Seth, unidentified public servants and others in connection with Rs.2,684.57 crore fraud involving investments made by the Life Insurance Corporation of India (LIC). This is the ninth case registered against Anil Ambani and his firms for siphoning of money from banks and public institutions.
The FIR was registered on the basis of a written complaint received from the LIC against RCAP, Anil Ambani, Satish Seth, unidentified public servants and others, an official statement said. According to the CBI, the LIC has alleged that between April 12, 2012, and March 9, 2018, it had subscribed to five non-convertible debentures (NCDs) issued by RCAP, aggregating to Rs.3,900 crore.
The investments were made for “general corporate purposes, funding requirements and refinancing of existing debt”, the statement said.
The LIC has alleged that the accused persons “entered a criminal conspiracy” and committed offences, including “cheating, criminal breach of trust, criminal misconduct, diversion/ misappropriation of funds and falsification of accounts”.
The CBI said the LIC has alleged that the accused persons dishonestly induced it to invest in RCAP through “misrepresentation” and thereafter, “fraudulently diverted the said funds”. The alleged acts caused a “wrongful loss to the tune of Rs.2,684.57 crore to LIC” and corresponding wrongful gain to the accused and other beneficiaries, the statement said.
Investigation has been taken up to identify the role of all those involved, including public servants and private individuals, examine the alleged criminal conspiracy and trace the end-use or diversion of the invested funds, it said. The CBI said it had earlier registered eight FIRs against Reliance Communications Limited, Reliance Capital Limited, Reliance Home Finance Limited, Reliance Commercial Finance Limited and Reliance Telecom Limited on complaints received from various public sector banks, the Employees’ Provident Fund Organisation (EPFO) and the LIC.
In these cases, the agency said it has so far filed six chargesheets and arrested seven accused persons. The cases are under investigation and are being monitored by the Supreme Court. The agencies filed cases after former Government Secretary EAS Sarma approached the apex court. Noted lawyer Prashant Bhushan argued for the petitioner EAS Sarma, who was the Secretary of Expenditure and Power. The petitioners pointed out that more than Rs.70,000 crore was siphoned by Anil Ambani’s firms from banks and LIC.
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