Now Reading: CBI books Anil Ambani, Reliance Capital in Rs 1,816 crore EPFO fraud
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CBI books Anil Ambani, Reliance Capital in Rs 1,816 crore EPFO fraud
The CBI has registered a case against Reliance Capital and its former chairman Anil Ambani for alleged EPFO investment fraud of Rs 1,816.22 crore. The FIR follows a complaint from the Employees'…
The Story in Brief
The CBI has registered a case against Reliance Capital and its former chairman Anil Ambani for alleged EPFO investment fraud of Rs 1,816.22 crore. The FIR follows a complaint from the Employees' Provident Fund Organisation, accusing the company of criminal conspiracy, cheating, and breach of trust.
Between 2013 and 2014, EPFO invested Rs 2,500 crore in secured non-convertible debentures issued by Reliance Capital, which were to mature in 2023-24. The CBI alleges fraudulent transactions and fund diversion caused default in redemption. Anil Ambani's spokesperson denied wrongdoing. The CBI has filed seven previous FIRs against Reliance group firms, with cases monitored by the Supreme Court.
The Indian Opinion
The EPFO, entrusted with workers' retirement savings, invested Rs 2,500 crore in Reliance Capital debentures during 2013-14, when the group was already struggling. This raises uncomfortable questions: who approved such risky bets with provident fund money? While Anil Ambani faces allegations, the role of EPFO's decision-makers and the four portfolio managers, including Reliance-owned asset management, deserves equal scrutiny. The test will be whether the CBI names any public servants in its chargesheet.
Source: thehindu.com
This story was synthesised by AI from the source linked above.
