CBI chargesheets RCom and former LIC investment chief in multi-crore fraud case

The Central Bureau of Investigation has filed a charge sheet against Reliance Communications Limited, two former executives of the Reliance ADA Group, and a former Chief Investment Officer of the Life Insurance Corporation of India in a multi-crore cheating case causing an alleged loss of ₹3,750 crore.

Investigation Details

According to the central agency, LIC invested ₹1,500 crore in Non-Convertible Debentures issued by RCom back in 2012 based on serious misrepresentations. The CBI stated that the money raised through these debentures was later diverted to other group companies, which resulted in a wrongful loss to LIC and a matching wrongful gain for the accused entities and individuals.

Accused Persons

In the charge sheet submitted before a Special CBI court in Mumbai, the agency named RCom along with Amitabh Jhunjhunwala, who served as the group managing director, and Vishwas Joshi, senior vice-president of Reliance Capital Limited. P. Venugopal, the former Chief Investment Officer of LIC, is also named as an accused. The four individuals face charges of criminal conspiracy, cheating, and criminal breach of trust under the Indian Penal Code, alongside violations of the Prevention of Corruption Act.

Wider Action

The CBI registered the case on April 1, 2026, following a complaint from LIC. The agency has filed nine first information reports against various group entities like Reliance Home Finance Limited, Reliance Commercial Finance Limited, and Reliance Telecom Limited after receiving complaints from public sector banks, LIC, and the Employees Provident Fund Organisation. This filing marks the eighth charge sheet in these ongoing probes, which are monitored by the Supreme Court. The agency stated that further checks are underway to look into the role of other possible suspects.

Context

Large public financial institutions like insurance companies and state-owned banks invest large sums in corporate debt instruments to earn returns for policyholders and the public. When such investments go sour due to fraud or diversion of funds, it affects the financial health of public sector institutions that manage public savings.