MUMBAI: The Central Bureau of Investigation (CBI) registered a First Information Report (FIR) against Reliance Capital Ltd (RCL), its directors, key managerial personnel and others for allegedly causing a wrongful loss of ₹1,816.22 crore to the Employees’ Provident Fund Organisation (EPFO).
The FIR follows a complaint filed on July 21 by an EPFO representative alleging that RCL issued secured Non-Convertible Debentures (NCDs) in 2013 and 2014, in which the pension body invested ₹2,500 crore through four portfolio managers for a 10-year period.
RCL was then part of the Reliance ADA Group. In 2021, the company entered the Corporate Insolvency Resolution Process (CIRP) and was acquired by IndusInd International Holdings Limited (IHIL) in March 2025.
The EPFO lodged a claim of ₹3,308.67 crore, comprising a principal amount of ₹2,500 crore and accrued interest of ₹808.67 crore, after the National Company Law Tribunal (NCLT), Mumbai, admitted RCL to the Corporate Insolvency Resolution Process (CIRP).
Following the approval of the resolution plan by the NCLT, under which IHIL took over the company on March 19, 2025, the EPFO recovered ₹1,492.45 crore, leaving an unrecovered principal of ₹1,007.55 crore and admitted interest of ₹808.67 crore.
