The CBI has registered a fresh FIR arising from the Life Insurance Corporation’s investment in debentures issued by Reliance Capital. LIC alleges a wrongful loss of Rs 2,684.57 crore. A spokesperson for Anil Ambani has said he denies any wrongdoing.
New Delhi: The Central Bureau of Investigation (CBI) has registered an FIR on the basis of a written complaint from the Life Insurance Corporation of India (LIC) against Reliance Capital Limited (RCAP), its former chairman Anil D. Ambani, the group managing director Satish Seth, unknown public servants and others, in connection with an alleged fraud involving LIC’s investment in the company’s debentures.
The FIR was registered on September 18, 2026, according to an official statement of the agency.
The allegations
According to the CBI, LIC has alleged that between April 2012 and March 2018 it subscribed to five non-convertible debentures (NCDs) issued by Reliance Capital, aggregating to Rs 3,900 crore, for general corporate purposes. LIC has alleged a wrongful loss of Rs 2,684.57 crore on that investment.
The CBI has stated that the case involves allegations of cheating, diversion of funds and falsification of accounts. The agency has said the investigation is continuing.
These are the allegations of the complainant and the agency. They have not been tested, and no offence has been established.
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Anil Ambani’s response
A spokesperson for Anil Ambani has denied any wrongdoing. In a statement, the spokesperson said the FIR pertains to Reliance Capital Limited, and that Ambani served as a Non-Executive Director and Chairman of the company’s board from 2005 until November 2021, when the Reserve Bank of India superseded the board and appointed an administrator.
“Mr. Anil Ambani denies any wrongdoing, whatsoever, and reserves all rights available to him in law,” the spokesperson said.
The background
The CBI has said it had earlier registered eight FIRs against companies of the group, including Reliance Communications, Reliance Capital, Reliance Home Finance, Reliance Commercial Finance and Reliance Telecom, on complaints from various public sector banks and other institutions. As reported, this is the ninth such case, and the batch of cases is being monitored by the Supreme Court, in proceedings that arose from a petition by former government secretary E.A.S. Sarma. The agency has said that, in the earlier cases, it has so far filed six chargesheets and arrested seven persons.
Reliance Capital’s board was superseded by the Reserve Bank of India in November 2021, and the company was subsequently taken through insolvency proceedings.
Why it matters
The registration of an FIR is the start of an investigation, not a finding of guilt. It records that the agency considers the complaint to disclose a cognizable offence warranting investigation; whether the allegations are established is a matter for the investigation and any proceedings that follow.
The accused are entitled to the presumption of innocence, and Anil Ambani has denied any wrongdoing. The named individuals and the company may contest the FIR and the allegations through the remedies available in law.
Matter: FIR registered by the Central Bureau of Investigation on a complaint by the Life Insurance Corporation of India against Reliance Capital Limited, Anil D. Ambani, Satish Seth, unknown public servants and others
Date of FIR: September 18, 2026
Allegation: Wrongful loss of Rs 2,684.57 crore on LIC’s subscription to Rs 3,900 crore of non-convertible debentures issued by Reliance Capital; alleged cheating, diversion of funds and falsification of accounts
Status: Under investigation. Allegations untested; no offence established; presumption of innocence applies. Anil Ambani has denied any wrongdoing.