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CBI Chargesheets RCom in Alleged LIC Investment Fraud
The CBI has filed a chargesheet about an investment made by LIC in 2012.
LIC bought Rs 1,500 crore worth of bonds issued by Reliance Communications.
The CBI alleges that serious misrepresentations led to the investment.
It says the money was later diverted to companies in the Reliance ADA Group.
The agency estimates LIC’s alleged loss at Rs 3,750 crore.
Reliance Communications and three people are named in the chargesheet.
They face allegations including cheating and breach of trust, which are not established as facts by the chargesheet.
The CBI says it is continuing to investigate other people and allegations.
The CBI filed a chargesheet against Reliance Communications and three individuals over an alleged fraud involving LIC.
The case concerns LIC’s 2012 subscription to Rs 1,500 crore in RCom non-convertible debentures.
The CBI alleges the investment was based on serious misrepresentations and the funds were diverted to ADA Group companies.
The agency puts LIC’s total alleged loss at Rs 3,750 crore.
The four accused face charges including conspiracy, cheating, criminal breach of trust and offences under the Prevention of Corruption Act; further investigation is continuing.
- Who
- Reliance Communications, Amitabh Jhunjhunwala, Vishwas Joshi and former LIC Chief Investment Officer P. Venugopal were named in the chargesheet.
- What
- The CBI filed a chargesheet alleging misrepresentation in an LIC investment and diversion of the investment funds.
- Where
- The chargesheet was filed before the Special CBI Court in Mumbai.
- When
- The LIC investment was made in 2012; the case was registered on April 1, 2026. One article dates the chargesheet report to October 3, 2026.
- Why
- The CBI alleges the investment was obtained through serious misrepresentations and that its funds were diverted, causing wrongful loss to LIC.
Key facts
- LIC investment
- Rs 1,500 crore in RCom non-convertible debentures in 2012
- Total alleged loss
- Rs 3,750 crore, according to the CBI
- Accused
- Reliance Communications, Amitabh Jhunjhunwala, Vishwas Joshi and P. Venugopal
- Alleged offences
- Criminal conspiracy, cheating, criminal breach of trust and offences under the Prevention of Corruption Act, 1988
- Court
- Special CBI Court, Mumbai
- Case registration
- April 1, 2026, following a complaint from LIC
- Wider investigation
- The CBI has registered nine FIRs involving Reliance ADA Group entities and filed eight chargesheets in the connected cases; it says further investigation is continuing.
Quotes
Central Bureau of Investigation
Investigating agency that filed the chargesheet
“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”
thehansindia.com
“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.”
rediff.com
Sources
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