EPFO Scam Case: EPFO, the body of Employees’ Provident Fund (PF), has taken major action against industrialist Anil Ambani and his Reliance Capital company. In an alleged scam of Rs 1,816 crore (EPFO Scam Case), the Central Bureau of Investigation (CBI) has filed an FIR against Reliance Capital Limited, its former chairman Anil Ambani, as well as several unidentified government officials and others. This case is to the alleged loss of ₹1,816.22 crore to EPFO. This case is going to further increase Anil Ambani’s problems. What exactly is the case?
According to the CBI, this action has been taken on the basis of a complaint from EPFO, which comes under the jurisdiction of the Ministry of Labour and Employment. The agency will now investigate the entire investment and documents.
What is the entire case?
According to the investigation agency, Reliance Capital had issued secured non-convertible debentures between 2013 and 2014. It is alleged that EPFO funds worth approximately ₹2,500 crore were invested in these debentures through four portfolio managers. Subsequently, this investment is alleged to have caused a loss of ₹1,816.22 crore to EPFO, including principal and interest. This includes a principal loss of approximately ₹1,007.55 crore and an interest liability of ₹808.67 crore.
Under which sections has the case been registered?
The CBI has registered a case under provisions to criminal conspiracy, cheating, breach of trust and corruption. The agency will also investigate whether there was any violation of rules during the investment process and who was involved in it.
What does Anil Ambani have to say?
Anil Ambani has denied all the allegations in a statement issued. His spokesperson said that he has not done any wrongdoing and will exercise all powers as per law. The statement also states that he was the non-executive chairman of the company till November 2021.
Why is this case important for EPFO?
EPFO manages the provident funds of lakhs of employees across the country. Therefore, any alleged financial loss to its investments is considered serious. Therefore, the investigation into this case has been entrusted to EPFO to determine whether any rules have been violated in the process.
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