RCom case: CBI chargesheets Reliance executives, ex-LIC official

CBI files a chargesheet against Reliance Communications Ltd. and its executives for criminal conspiracy and cheating. They allegedly caused a Rs 3,750 crore loss to LIC through a misrepresented NCD subscription in 2012.

The Central Bureau of Investigation (CBI) has filed a chargesheet in the Reliance Communications Ltd. (RCom) case before the Special Judge for CBI Cases, Mumbai, against Reliance Communications Ltd., two executives of the Reliance ADA Group, namely, Amitabh Jhunjhunwala, Group MD, Vishwas Joshi, VP, Reliance Capital Limited, and P Venugopal, the then Chief Investment Officer, LIC. According to an official release, the four accused have been chargesheeted for offences of criminal conspiracy, cheating and criminal breach of trust under the IPC, along with offences under the Prevention of Corruption Act, 1988. https://x.com/CBIHeadquarters/status/2106320652458483850 Further investigation is continuing to ascertain the role of other accused persons and to investigate other allegations.

Details of the Allegations

According to the press release, the investigation conducted so far has revealed that, in 2012, LIC subscribed to NCDs worth Rs. 1,500 crore issued by Reliance Communications Ltd. based on serious misrepresentations. 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.

Broader Investigation Context

It may be recalled that the CBI had registered the case on April 1 2026, based on a complaint received from the Life Insurance Corporation of India (LIC). The total alleged loss caused to LIC amounts to Rs. 3,750 crore, the release stated. It may also be recalled that the CBI, BSFB, Delhi, has registered nine FIRs against Reliance Communications Limited (RCom), Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL), Reliance Telecom Limited (RTL) and other Reliance ADA Group entities based on complaints received from various Public Sector Banks, LIC and EPFO. The CBI had earlier filed seven chargesheets in the Reliance ADA Group cases. The present chargesheet is the eighth chargesheet filed in these cases, and the CBI has so far arrested seven accused persons. The investigation in these cases is being monitored by the Supreme Court, and the CBI remains committed to conducting an expeditious and comprehensive investigation into these cases, the release said. (ANI)

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