CBI chargesheets RCom, 3 execs over ₹3,750-cr LIC investment fraud case

The accused have been charged with criminal conspiracy, cheating and criminal breach of trust under relevant provisions of the Indian Penal Code, as well as offences under the Prevention of Corruption Act, 1988, the agency said in a release on Saturday

Mumbai: The Central Bureau of Investigation (CBI) has filed a chargesheet against Reliance Communications Ltd (RCom) and three senior executives over alleged irregularities that Life Insurance Corporation of India (LIC) says caused it a wrongful loss of ₹3,750 crore. The chargesheet names Reliance ADA Group - group managing director Amitabh Jhunjhunwala, Reliance Capital Ltd senior vice-president Vishwas Joshi and P Venugopal, then chief investment officer of LIC.

CBI chargesheets RCom, 3 execs over ₹3,750-cr LIC investment fraud case

The accused have been charged with criminal conspiracy, cheating and criminal breach of trust under relevant provisions of the Indian Penal Code, as well as offences under the Prevention of Corruption Act, 1988, the agency said in a release on Saturday.

According to the CBI, LIC subscribed to ₹1,500 crore worth of non-convertible debentures (NCDs) issued by RCom in 2012. The agency alleges that the investment was made based on misrepresentations and that the funds were subsequently diverted to other companies of the ADA Group.

The alleged diversion caused wrongful loss to LIC and corresponding wrongful gain to the accused persons and entities, the CBI said.

The agency registered the case in April 2026, following a complaint from LIC, which alleged that it had suffered a wrongful loss of ₹3,750 crore due to the alleged irregularities.

The agency’s Banking, Securities and Fraud Cell in Delhi has registered nine FIRs against RCom, Reliance Home Finance Ltd, Reliance Commercial Finance Ltd, Reliance Telecom Ltd and other Reliance ADA Group entities. The FIRs followed complaints from public sector banks, LIC and the Employees’ Provident Fund Organisation.

The CBI said it had previously filed seven chargesheets in these cases and arrested seven accused persons. The Supreme Court is monitoring the investigation, the release said.