CBI files charge sheet against RCom and former LIC chief in ₹3,750 cr fraud
The CBI has lodged a charge sheet against Reliance Communications Ltd., two of its senior executives and former LIC chief P. Venugopal for a ₹3,750-crore cheating scheme.
The Central Bureau of Investigation has formally charged Reliance Communications Ltd., two senior members of the Reliance ADA Group—Amitabh Jhunjhunwala and Vishwas Joshi—and former Life Insurance Corporation of India chief P. Venugopal in a ₹3,750-crore cheating case. According to the agency, LIC subscribed to ₹1,500 crore of non-convertible debentures issued by RCom in 2012 after being misled about the investment. Subsequent investigations revealed that the proceeds were siphoned to other ADA Group entities, resulting in a wrongful loss for LIC and illicit gains for the accused.
The charge sheet, filed in a Special CBI court in Mumbai, cites offences of criminal conspiracy, cheating, criminal breach of trust and violations of the 1988 Prevention of Corruption Act. The CBI has indicated that it continues to examine the involvement of additional suspects and other related allegations.
Why it matters
The case highlights potential large-scale financial fraud involving a major insurer and a prominent telecom group.
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