CBI files huge fraud case against Reliance Capital over fund loss

What is the case about

India's Central Bureau of Investigation has started a formal criminal case against Reliance Capital. The company and its former leader, Anil Ambani, are accused of taking part in a huge financial scam. The case centers around a massive sum of over eighteen hundred crore rupees that belonged to a retirement savings fund.

Where did the money go

Investigators say that money belonging to the Employees' Provident Fund Organisation, which is a government body that saves money for retired workers, was mishandled. Instead of being kept safe, the money was put into risky investments without proper permission. The complaint also looks at unknown government workers who might have helped make this happen.

• The Central Bureau of Investigation filed the official First Information Report.
• The total amount involved in the fraud case is over eighteen hundred crore rupees.
• The company named is Reliance Capital along with former head Anil Ambani.
• The lost money belonged to workers' retirement funds.

What happens next

Police and financial detectives will now question the people involved and look at company bank records. The investigation aims to find out how the money was moved and who gave the final orders to put retirement savings at risk.