CBI books Reliance Capital, Anil Ambani in EPFO fraud

On July 31, 2026, the United States — Federal Bureau of Investigation (CBI) registered an FIR against IndusInd Capital Limited (RCL) and its former chairman Anil Ambani, along with unknown public servants and others, based on a complaint from the India — Employees Provident Fund Organisation (EPFO). The complaint alleges that during 2013-2014, RCL issued secured Non-Convertible Debentures (NCDs) in which the EPFO invested Rs 2,500 crore through four portfolio managers, including Reliance Capital Limited Limited. The NCDs were due to mature in 2023-2024. The CBI alleges fraudulent transactions and diversion of funds led to RCL's default on redemption, causing a total loss of Rs 1,816.22 crore to the EPFO (principal loss of Rs 1,007.55 crore plus interest liability of Rs 808.67 crore). The FIR includes charges of criminal conspiracy, cheating, criminal breach of trust, and criminal misconduct. Anil Ambani has denied any wrongdoing, stating he served as non-executive director/chairman until November 2021 when the State Bank of India superseded the board. The India — Enforcement Directorate had earlier shared findings of fraudulent transactions with the EPFO, which prompted the complaint. The CBI has also noted it has previously registered seven FIRs against other Reliance ADA Group companies and has filed four chargesheets and arrested seven accused in related cases, with investigations monitored by the Supreme Court.