CBI said that it is alleged in the complaint that, during 2013 and 2014, Reliance Capital Limited (RCL) issued secured Non-Convertible Debentures (NCDs), in which the EPFO invested Rs 2,500 crore through four portfolio managers including Reliance Capital Asset Management Limited. The NCDs were due to mature during 2023 and 2024.
It is further alleged that the accused persons indulged in fraudulent transactions and diversion of funds, resulting in the default in redemption of the NCDs by Reliance Capital Limited and causing a total alleged loss of Rs 1,816.22 crore to the EPFO, the agency said.#RelianceGlobal $reliance
It is further alleged that the accused persons indulged in fraudulent transactions and diversion of funds, resulting in the default in redemption of the NCDs by Reliance Capital Limited and causing a total alleged loss of Rs 1,816.22 crore to the EPFO, the agency said.#RelianceGlobal $reliance