CBI FIR names Anil Ambani and Reliance Capital

The Central Bureau of Investigation’s Banking, Securities & Fraud Branch in New Delhi has registered a case (RC0742026E0006) against Reliance Capital Limited, its former chairman Anil D Ambani, some unknown public servants, and other unidentified individuals. The FIR, filed under Section 173 of the Bharatiya Nagarik Suraksha Sanhita (BNSS), accuses them of criminal conspiracy, cheating, breach of trust, and misconduct.

The specific provisions invoked are Sections 120B read with 409 and 420 of the Indian Penal Code, along with Section 13(2) read with 13(1)(d) of the Prevention of Corruption Act, 1988, and the corresponding amended provisions under the 2018 version of the Act.

The FIR was registered after a complaint on 21 July 2026 by Ningshen Thothar, Regional Provident Fund Commissioner-I (Investment Division) at the Employees’ Provident Fund Organisation. The EPFO says that investments made between 2013 and 2021 in Reliance Capital-related instruments caused a wrongful loss of Rs 1,007.55 crore plus interest from the retirement savings of millions of formal-sector workers.

The written complaint provides initial evidence of the alleged offences by those named. The property involved is valued at Rs 1,007.55 crore plus interest. By including “unknown public servants,” the investigation will also look into possible collusion or regulatory failures by officials who approved or monitored the investments.

Reliance Capital, once a leading non-banking financial company in the Anil Ambani group, accumulated large debts, failed to meet its obligations, and eventually entered insolvency proceedings under the Insolvency and Bankruptcy Code. From 2013 to 2021, the EPFO, as a major institutional investor, held investments in Reliance Capital’s debt and related securities.

The complaint claims that the way these investments were solicited, documented, and handled amounted to criminal cheating and breach of trust, not just commercial failure. The use of sections from the Prevention of Corruption Act suggests that public officials may have helped or overlooked irregularities.

The timing of the FIR is important. It was filed years after Reliance Capital’s financial collapse and asset resolution, which shows that EPFO’s review of past investments found possible evidence of criminal conduct, not just credit risk. By naming Anil Ambani as chairman at the time, the agency is challenging the idea that company promoters are protected when there are allegations of conspiracy and dishonest actions.

Investigators will need to trace the investment path, checking which instruments were bought, what claims were made, who acted as intermediaries, how the funds moved, and whether there was any diversion or special treatment that left EPFO with bad assets. Including “unknown public servants” means they will also check if EPFO’s investment rules, credit checks, or oversight were weakened. The case depends on recovering documents, doing forensic accounting of the Rs 1,007-crore exposure, and proving dishonest intent rather than just poor business decisions. This high standard of proof has made it hard to prosecute many past financial crimes.

This case is important for EPFO’s more than 70 million subscribers. Provident-fund money is deferred wages, not risk capital. If misappropriation or fraud is proven, it damages trust in the safety-net system. For companies, the FIR shows that old defaults involving public funds can still be investigated criminally even after insolvency is resolved.

The CBI has registered the case and begun its investigation. Whether the allegations will lead to charges, convictions, or recoveries depends on the evidence collected in the coming months. One of India’s largest retirement-fund managers has formally accused a major business group and its former chairman of causing a large loss through actions now considered criminal.

Meanwhile, a spokesperson for Anil D Ambani said: “The FIR registered by the CBI pertains to Reliance Capital Limited. Ambani served as a Non-Executive Director/Chairman of the Board of Reliance Capital Limited from 2005 until November 2021, when the Reserve Bank of India superseded the Board of Directors of the company and appointed an Administrator. Ambani denies any wrongdoing whatsoever, and reserves all rights available to him in law.”