CBI Chargesheets RCom, Reliance Executives and Former LIC Official in ₹3,750-Crore Fraud Case

The Central Bureau of Investigation has filed a chargesheet against Reliance Communications Ltd, two senior Reliance ADA Group executives, and a former LIC chief investment officer in a major investment fraud case. The chargesheet, filed before a Special CBI Court in Mumbai, targets Amitabh Jhunjhunwala (former Group Managing Director), Vishwas Joshi (former Senior Vice-President of Reliance Capital), and P Venugopal (then Chief Investment Officer of LIC).

The case centres on the alleged diversion of ₹1,500 crore invested by LIC in RCom's Non-Convertible Debentures in 2012. The CBI alleges the funds were subsequently diverted to other ADA Group companies, causing a total loss of ₹3,750 crore to LIC. All four accused face charges including criminal conspiracy, cheating, criminal breach of trust, and offences under the Prevention of Corruption Act.

Jhunjhunwala is currently facing separate investigations by CBI and the Enforcement Directorate. He recently obtained bail on medical grounds in a separate ₹4,097-crore bank fraud case.