LIC Alleges ₹2,684.57-Crore Wrongful Loss; CBI Probes Diversion of Funds

||Black and White Digital News ||

||Parvinder Singh Sept 19,2026 ||

NEW DELHI : The Central Bureau of Investigation (CBI) has registered a case against M/s Reliance Capital Limited (RCAP), Mumbai, Anil D. Ambani, former Chairman of RCAP, Satish Seth, Group Managing Director of Reliance Anil Dhirubhai Ambani Group (ADA Group), unknown public servants and others in connection with an alleged fraud involving investments made by the Life Insurance Corporation of India (LIC).

According to the CBI press release dated September 18, 2026, the agency registered the FIR on the basis of a written complaint received from LIC.

LIC Had Invested ₹3,900 Crore in Five NCDs

The complaint relates to the period from April 12, 2012, to March 9, 2018, during which LIC had subscribed to five Non-Convertible Debentures (NCDs) issued by Reliance Capital Limited, with an aggregate value of ₹3,900 crore.

The investments were reportedly made for general corporate purposes, funding requirements and refinancing of existing debt.

CBI Alleges Cheating, Breach of Trust and Diversion of Funds

As per the allegations contained in the complaint, the accused persons allegedly entered into a criminal conspiracy and committed offences including cheating, criminal breach of trust, criminal misconduct, diversion/misappropriation of funds and falsification of accounts.

The CBI said the alleged acts caused a wrongful loss of ₹2,684.57 crore to LIC, with corresponding wrongful gain to the accused and other beneficiaries.

The agency has alleged that LIC was dishonestly induced to invest in Reliance Capital through alleged misrepresentation and that the invested funds were subsequently fraudulently diverted.

Investigation Underway to Trace End-Use of Funds

The CBI has taken up investigation to identify the role of all persons involved, including public servants and private individuals, examine the alleged criminal conspiracy and trace the end-use and diversion of the invested funds.

The agency said the investigation will examine the circumstances surrounding the investments and subsequent movement of the funds.

CBI Earlier Registered Eight FIRs in Reliance Group-Linked Cases

The CBI also recalled that it had earlier registered eight FIRs against Reliance Communications Ltd. (RCom), Reliance Capital Ltd. (RCAP), Reliance Home Finance Ltd. (RHFL), Reliance Commercial Finance Ltd. (RCFL) and Reliance Telecom Ltd. (RTL), based on complaints received from various Public Sector Banks, EPFO and LIC.

According to the agency, it has so far filed six charge-sheets and arrested seven accused persons in those cases.

The CBI stated that the earlier cases remain under investigation and are being monitored by the Hon’ble Supreme Court.

The agency said it remains committed to conducting a comprehensive and expeditious investigation into the present case.(sources).