CBI files charge sheet against RCom, others in ₹3,750 crore LIC fraud case
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The CBI identified the former executives as Amitabh Jhunjhunwala, the group managing director; and Vishwas Joshi, senior vice-president of Reliance Capital Limited. P. Venugopal, the then chief investment officer of LIC, has also been named. File | Photo Credit: The Hindu
The Central Bureau of Investigation (CBI) has filed a charge sheet against Reliance Communications Limited (RCom), two former executives of the Reliance (Anil Ambani) Group, and others in the LIC investment fraud case that caused alleged loss of ₹3,750 crore.
The agency identified the former executives as Amitabh Jhunjhunwala, the group managing director; and Vishwas Joshi, senior vice-president of Reliance Capital Limited. P. Venugopal, the then chief investment officer of LIC, has also been named.
“The four accused have been chargesheeted for offences of criminal conspiracy, cheating, and criminal breach of trust under the (erstwhile) Indian Penal Code, along with offences under the Prevention of Corruption Act. Further investigation is continuing to ascertain the role of other accused persons and to investigate other allegations,” the CBI alleged.
According to the agency, LIC subscribed to Non-Convertible Debentures (NCDs) worth ₹1,500 crore issued by RCom in 2012 on the basis of serious misrepresentations. The funds received through the NCD subscription were thereafter diverted to Group companies, thereby causing wrongful loss to LIC and corresponding wrongful gain to the accused persons and entities.
The CBI had registered the case on April 1, 2026, based on a complaint received from the LIC. The alleged loss caused amounted to ₹3,750 crore.
The agency has registered nine first information reports (FIRs) against RCom, Reliance Home Finance Limited, Reliance Commercial Finance Limited, Reliance Telecom Limited, and other Group entities, following complaints received from various public sector banks, LIC, and the Employees’ Provident Fund Organisation (EPFO). It had earlier filed seven charge sheets in various cases.
“The investigation in these cases is being monitored by the Supreme Court. The CBI remains committed to conducting an expeditious and comprehensive investigation into these cases,” it said.
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