LICI Claims Loss of Over ₹2,684 Crore after RCP Misused Funds

Life Insurance Corporation of India (LICI) has reported a staggering loss of ₹2,684.57 crore stemming from investments made in Reliance Capital Private's (RCP) non‑convertible debentures. The loss is tied to alleged fraud, criminal breach of trust, fund diversion and account tampering carried out by former RCP chairman Anil D. Ambani, group managing director Satish Seth and other conspirators.

The debentures, issued between April 2012 and March 2018, were intended for corporate financing but, according to LICI, were used for unauthorized purposes after the inflow of capital. The FIR filed by CBI cites manipulation of financial statements and misrepresentation as key components of the alleged wrongdoing.

The investigative agency has also indicated that several government officials may have facilitated the scheme, prompting a broader inquiry into the roles of both public and private actors.