CBI files chargesheet against RCom, former LIC official in ₹3,750-cr LIC fraud case

Mumbai, October 3, 2026: The Central Bureau of Investigation (CBI) has filed a chargesheet against Reliance Communications Ltd (RCom), two senior executives of the Reliance ADA Group and a former LIC chief investment officer in connection with an alleged investment fraud involving the Life Insurance Corporation of India (LIC). The case relates to the alleged diversion of funds from a Rs 1,500-crore investment made by LIC in RCom’s Non-Convertible Debentures (NCDs) in 2012, with the agency putting the total alleged loss to LIC at Rs 3,750 crore.Four Accused ChargesheetedThe chargesheet was filed before the Special CBI Court in Mumbai against RCom, Amitabh Jhunjhunwala, former Group Managing Director; Vishwas Joshi, former Senior Vice-President of Reliance Capital Ltd; and P Venugopal, then Chief Investment Officer of LIC. The four have been chargesheeted for alleged criminal conspiracy, cheating and criminal breach of trust under the IPC, besides offences under the Prevention of Corruption Act.Jhunjhunwala, who is named as an accused in the present case, has also been arrested in separate investigations by the CBI and the Enforcement Directorate (ED) relating to alleged financial irregularities involving Reliance ADA Group entities. In a separate Rs 4,097-crore bank fraud case, a Mumbai Special CBI Court recently granted him bail on medical grounds. His arrest and bail in those proceedings are separate from the present LIC investment fraud case, in which the CBI has now filed a chargesheet against him.Alleged Diversion Of LIC FundsAccording to the CBI, its investigation has so far revealed that in 2012, LIC subscribed to NCDs worth Rs 1,500 crore issued by RCom on the basis of alleged serious misrepresentations. The agency has alleged that the funds received through the NCD subscription were subsequently diverted to companies within the ADA Group, 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, following a complaint received from LIC. The agency said the total alleged loss caused to LIC in the case amounts to Rs 3,750 crore.Wider CBI InvestigationThe present chargesheet is part of a wider CBI investigation into alleged financial irregularities involving Reliance ADA Group entities. The agency’s Banking, Securities and Financial Frauds Branch (BSFB), Delhi, has registered nine FIRs against Reliance Communications Ltd (RCom), Reliance Home Finance Ltd (RHFL), Reliance Commercial Finance Ltd (RCFL), Reliance Telecom Ltd (RTL) and other group entities, based on complaints from various public sector banks, LIC and the Employees’ Provident Fund Organisation (EPFO).Also Watch: Mumbai: Special CBI Court Rejects Bail Pleas Of 2 Former RCom Executives In Alleged ₹2,929 Crore SBI Loan Fraud CaseThe CBI had earlier filed seven chargesheets in these cases. With the present filing, the agency has filed its eighth chargesheet in the connected cases. Seven accused persons have so far been arrested in the cases, the agency said.The Reliance ADA Group had not issued any official statement on the CBI chargesheet or the allegations in the case at the time of going to press.To get details on exclusive and budget-friendly property deals in Mumbai & surrounding regions, do visit: https://budgetproperties.in/

The four accused have been charged 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

The investigation concerns LIC’s 2012 subscription to non-convertible debentures issued by Reliance Communications on the basis of alleged misrepresentations