CBI Files Cheating Case Against Reliance Capital and Anil Ambani Over EPFO Loss

The Central Bureau of Investigation (CBI) registered a fresh cheating and corruption case against Reliance Capital Ltd (RCL), its former chairman Anil Ambani, and unknown public servants regarding an alleged loss of ₹1,816 crore caused to the Employees' Provident Fund Organisation (EPFO).

The case involves alleged fraudulent diversion and misdirection of retirement funds invested by the statutory pension body EPFO into high-risk non-convertible debentures and debt securities of RCL. The investigation was initiated following forensic audits that flagged severe financial irregularities and breach of trust.

The EPFO is a statutory body established under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, managing the retirement savings of millions of Indian workers. CBI registered the case under sections of the Indian Penal Code (IPC) relating to criminal conspiracy and cheating, alongside provisions of the Prevention of Corruption Act.

This case underscores the strict legal scrutiny surrounding corporate governance, fiduciary responsibility, and the safety of public pension funds. For candidates, this development provides key material for Prelims MCQs on statutory bodies like EPFO and CBI, and Mains GS-III topics concerning corporate governance, banking NPAs, and financial market regulation.