CBI registers FIR against Reliance capital ltd in epfo loss case
MUMBAI, Aug. 2 -- The Central Bureau of Investigation (CBI) has registered a First Information Report (FIR) against Reliance Capital Ltd (RCL), its directors, key managerial personnel and others for allegedly causing a wrongful loss of Rs.1,816.22 crore to the Employees' Provident Fund Organisation (EPFO).
The FIR follows a complaint filed on July 21 by an EPFO representative alleging that RCL issued secured Non-Convertible Debentures (NCDs) in 2013 and 2014, in which the pension body invested Rs.2,500 crore through four portfolio managers for a 10-year period.
According to the complaint, the EPFO received periodic coupon payments from RCL under the NCD terms until September 2019, when the company's credit rating was downgraded to D, leadin...
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