CBI files chargesheet against RCom, executives in LIC investment fraud case

The CBI has filed a chargesheet against Reliance Communications and three executives in an alleged LIC investment fraud case. The agency said funds from Rs 1,500 crore worth of NCDs subscribed by LIC were diverted to Reliance ADA Group companies

New Delhi: The Central Bureau of Investigation (CBI) on Saturday said it has filed a chargesheet against Reliance Communications Ltd (RCom) and some senior executives in an LIC investment fraud case.

The CBI chargesheet was filed in the case before the Special Judge for CBI Cases, Mumbai, against RCom, two executives of the Reliance ADA Group — Amitabh Jhunjhunwala, Group MD and Vishwas Joshi, Sr VP, Reliance Capital Limited — and P. Venugopal, the then Chief Investment Officer, LIC.

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According to a CBI statement, the four accused have been booked for “offences of criminal conspiracy, cheating and criminal breach of trust under the IPC, along with offences under the Prevention of Corruption Act, 1988”.

Further investigation is continuing to ascertain the role of other accused persons and to investigate other allegations, it added.

In 2012, LIC subscribed to non-convertible debentures (NCDs) worth Rs 1,500 crore issued by Reliance Communications Ltd on the basis of serious misrepresentations.

The funds received through the NCD subscription were, thereafter, diverted to ADA group companies, thereby causing wrongful loss to LIC and corresponding wrongful gain to the accused persons and entities, according to the CBI.

“It may be recalled that the CBI had registered the case on 01.04.2026 on the basis of a complaint received from the Life Insurance Corporation of India (LIC). The total alleged loss caused to LIC amounts to Rs 3,750 crore”, according to the investigating agency.

Moreover, the CBI, BSFB, Delhi, has registered nine FIRs against Reliance Communications Limited (RCom), Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL), Reliance Telecom Limited (RTL) and other Reliance ADA Group entities on the basis of complaints received from various Public Sector Banks, LIC and EPFO.

According to the statement, the CBI had earlier filed seven chargesheets in the Reliance ADA Group cases.

“The present chargesheet is the eighth chargesheet filed in these cases, and the CBI has so far arrested seven accused persons,” it noted.