CBI files chargesheet against Reliance Communications and executives in Rs 3,750 crore LIC fraud case

According to CBI, its investigation revealed that in 2012, LIC subscribed to Non-Convertible Debentures worth Rs 1,500 crore issued by Reliance Communications Ltd. based on serious misrepresentations.

NEW DELHI: CBI has filed a chargesheet against Reliance Communications Ltd and three key executives in a Rs 3,750 crore fraud case alleged by Life Insurance Corporation (LIC). The document names Amitabh Jhunjhunwala, Group MD of Reliance ADA Group, Vishwas Joshi, senior VP of Reliance Capital Limited, and P Venugopal, the then chief investment officer of LIC. CBI filed its report before the special judge for CBI cases in Mumbai. The accused have been charged with offences of criminal conspiracy, cheating, and criminal breach of trust under IPC sections, alongside charges under the Prevention of Corruption Act. According to CBI, its investigation revealed that in 2012, LIC subscribed to Non-Convertible Debentures worth Rs 1,500 crore issued by Reliance Communications Ltd. based on serious misrepresentations. "The funds received from the subscription were subsequently diverted to other Reliance ADA Group companies, resulting in wrongful gain to the accused while causing a total alleged loss of ₹3,750 crore to LIC," CBI has said in the chargesheet.

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The probe agency had registered this case on April 1, 2026, following a complaint lodged by LIC. This submission represents the eighth chargesheet filed by the agency in a broader crackdown on Reliance ADA Group entities. CBI has registered nine FIRs against Reliance Communications Limited, Reliance Home Finance Limited and other group entities. These FIRs stem from complaints by various public sector banks, LIC and Employees' Provident Fund Organisation. Seven have been arrested in these cases.

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