CBI Chargesheets RCom, Senior Executives in LIC Investment Fraud Case

The Central Bureau of Investigation (CBI) has filed a chargesheet against Reliance Communications Ltd (RCom) and three individuals in connection with an alleged fraud involving investments made by the Life Insurance Corporation of India (LIC), the agency said on Saturday.

The chargesheet was filed before the Special Judge for CBI Cases in Mumbai against RCom, Reliance ADA Group's then Group Managing Director Amitabh Jhunjhunwala, Reliance Capital Ltd's then Senior Vice President Vishwas Joshi, and P. Venugopal, who was serving as LIC's Chief Investment Officer at the time.

According to the CBI, the accused have been charged with alleged criminal conspiracy, cheating and criminal breach of trust under the Indian Penal Code, besides provisions of the Prevention of Corruption Act, 1988.

The agency said its investigation is continuing to determine the role of other individuals and examine additional allegations in the case.

The case relates to LIC's subscription in 2012 to non-convertible debentures issued by RCom, involving an investment of Rs 1,500 crore. The CBI alleges that the investment was made on the basis of material misrepresentations.

The agency further alleges that the funds raised through the debenture issue were subsequently diverted to companies belonging to the Anil Dhirubhai Ambani Group, resulting in an alleged financial loss to LIC and corresponding gains to the accused individuals and entities.

The CBI said it registered the case on April 1, 2026, following a complaint submitted by LIC. According to the agency, the total alleged loss to LIC in the matter stands at Rs 3,750 crore.

The CBI's Bank Securities Fraud Branch in Delhi has also registered nine FIRs against RCom, Reliance Home Finance Ltd, Reliance Commercial Finance Ltd, Reliance Telecom Ltd and other entities linked to the Reliance ADA Group based on complaints received from public sector banks, LIC and the Employees' Provident Fund Organisation.

The agency said it had previously filed seven chargesheets in cases involving entities of the Reliance ADA Group. The latest filing is the eighth chargesheet in the series.

The CBI also said seven people have so far been arrested in connection with the broader set of cases. Investigation into the present case and the role of other suspected individuals remains ongoing.