MUMBAI: The Central Bureau of Investigation (CBI) has registered a First Information Report (FIR) against Reliance Capital Limited, its former chairman, and several unidentified public servants in connection with an alleged investment fraud involving the Life Insurance Corporation of India (LIC). The case was initiated following a formal complaint by LIC concerning investments made between 2012 and 2018.

According to the complaint, LIC subscribed to five Non-Convertible Debentures (NCDs) worth ₹3,900 crore issued by Reliance Capital during the specified period. While these funds were intended for general corporate purposes, operational requirements, and the refinancing of existing debt, the CBI alleges they were diverted and misappropriated through a criminal conspiracy.

The agency stated that the accused individuals are suspected of cheating and criminal breach of trust. These actions reportedly resulted in a wrongful loss of approximately ₹2,685 crore to LIC, with corresponding wrongful gains to the accused and other beneficiaries. The CBI investigation is now focused on identifying the roles of all involved parties and tracing the path of the invested funds.

This development follows earlier actions by the CBI, which has already registered eight FIRs against various Reliance group entities, including Reliance Communications, Reliance Home Finance, and Reliance Telecom. These cases were based on complaints from major public sector banks, the EPFO, and LIC. To date, the agency has filed six charge sheets and arrested seven individuals in connection with these broader investigations, which are currently being monitored by the Supreme Court of India.