New Delhi, Sept. 18 -- The CBI has registered an FIR against Reliance Capital Ltd (RCAP), its former chairman Anil D Ambani, senior group executive Satish Seth, unknown public servants and others over an alleged fraud involving Rs 3,900 crore invested by LIC.
The case follows a written complaint by LIC, which alleged that the accused entered into a criminal conspiracy and caused a wrongful loss of Rs 2,684.57 crore to the state-owned insurer.
According to the FIR, LIC subscribed to five non-convertible debentures issued by RCAP between April 12, 2012 and March 9, 2018. The investment was intended for general corporate purposes, meeting funding requirements and refinancing existing debt.
The CBI has alleged that LIC was induced to make the investments through misrepresentation and that the funds were diverted or misappropriated, resulting in wrongful gains to the accused and others.
The FIR includes allegations of cheating, criminal breach of trust, criminal misconduct by public servants and falsification of accounts.
The agency said it has launched a detailed investigation into the roles of the accused, including public servants and private individuals, and will examine the alleged conspiracy and trace the end-use of LIC's funds.
The CBI said it had earlier registered eight FIRs against Reliance Communications, Reliance Capital, Reliance Home Finance, Reliance Commercial Finance and Reliance Telecom based on complaints from public sector banks, EPFO and LIC. It has filed six charge sheets and arrested seven accused in these cases. The cases are sub-judice and being monitored by the Supreme Court.
Published by HT Digital Content Services with permission from Millennium Post.