CBI charges RCom and former LIC CIO in Rs 3,750-crore cheating case

October 3, 2026 at 04:21 PM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

The CBI filed a charge sheet against Reliance Communications Ltd., two former Reliance ADA Group executives, and former LIC Chief Investment Officer P. Venugopal for causing wrongful loss of Rs 3,750 crore to LIC. The charge sheet, filed before a Special CBI court in Mumbai, alleges that LIC subscribed to Rs 1,500 crore of RCom non-convertible debentures in 2012 based on serious misrepresentations. The funds were then diverted to ADA group companies, according to the CBI.

Key Facts

The CBI charge sheet names Reliance Communications Ltd., Amitabh Jhunjhunwala, Vishwas Joshi, and P. Venugopal as accused.
LIC subscribed to non-convertible debentures worth Rs 1,500 crore issued by RCom in 2012.
The four accused face charges of criminal conspiracy, cheating, criminal breach of trust under the IPC, and offences under the Prevention of Corruption Act, 1988.
The CBI alleges that funds received through the NCD subscription were diverted to ADA group companies, causing wrongful loss to LIC.
Further investigation is continuing to ascertain the role of other accused persons and investigate other allegations.

The Charge Sheet

The CBI filed the charge sheet before a Special CBI court in Mumbai. The accused are Reliance Communications Ltd., Amitabh Jhunjhunwala (Group MD, Reliance ADA Group), Vishwas Joshi (Sr. VP, Reliance Capital Limited), and P. Venugopal (then Chief Investment Officer, LIC). The four accused have been charged with criminal conspiracy, cheating, and criminal breach of trust under the Indian Penal Code, along with offences under the Prevention of Corruption Act, 1988.

The Alleged Fraud

In 2012, LIC subscribed to non-convertible debentures worth Rs 1,500 crore issued by Reliance Communications Ltd. The CBI investigation revealed that the subscription was based on serious misrepresentations. The funds received through the NCD subscription were thereafter diverted to ADA group companies. This diversion caused wrongful loss to LIC and corresponding wrongful gain to the accused persons and entities.

Ongoing Investigation

The CBI stated that further investigation is continuing to ascertain the role of other accused persons. The agency is also investigating other allegations in the case.