The Central Bureau of Investigation (CBI) has registered a fresh case against Reliance Capital Limited (RCAP), its former chairman Anil Ambani and others, alleging that they caused a loss of ₹2,684.57 crore to the Life Insurance Corporation of India (LIC).

The first information report (FIR) also names Satish Seth as the then group managing director of Reliance Anil Dhirubhai Ambani Group, besides unknown public servants and others.

In its complaint, the LIC said that from April 12, 2012, to March 9, 2018, it subscribed to five non-convertible debentures (NCDs) aggregating ₹3,900 crore issued by RCAP for general corporate purposes, funding requirements, and refinancing of existing debt.

Funds diverted, says CBI

According to the CBI, the accused persons caused a wrongful loss of ₹2,684.57 crore to the LIC and a corresponding wrongful gain to themselves and other beneficiaries. It alleged that they dishonestly induced the LIC to invest in RCAP through misrepresentation and thereafter fraudulently diverted the said funds.

The agency had earlier registered eight FIRs against Reliance Communications Limited, RCAP, Reliance Home Finance Limited, Reliance Commercial Finance Limited and Reliance Telecom Limited, based on complaints received from various public sector banks, the Employees’ Provident Fund Organisation, and the LIC.

In those cases, it has so far filed six charge sheets and arrested seven accused persons. “These cases are under investigation and are being monitored by the honourable Supreme Court,” said the agency on Friday (September 18, 2026).