CBI files chargesheet against Reliance Communications and executives in LIC fraud case

The Central Bureau of Investigation (CBI) on Saturday filed a chargesheet against Reliance Communications Ltd (RCom) and senior executives in an LIC investment fraud case.

The chargesheet was submitted before the Special Judge for CBI Cases in Mumbai against RCom, Amitabh Jhunjhunwala, Group MD, Vishwas Joshi, Senior VP of Reliance Capital Limited, and P. Venugopal, the former Chief Investment Officer of LIC.

The four accused face charges including criminal conspiracy, cheating, and criminal breach of trust under the IPC, along with offences under the Prevention of Corruption Act, 1988, according to the CBI.

Investigations continue to identify the involvement of other accused and to probe further allegations.

The CBI stated that funds obtained through non-convertible debenture (NCD) subscriptions were diverted to ADA group companies, causing wrongful loss to LIC and gain to the accused.

case was registered on April 1, 2026, following a complaint by LIC, with alleged losses amounting to Rs 3,750 crore.

Additionally, the CBI in Delhi has registered nine FIRs against RCom, Reliance Home Finance Ltd, Reliance Commercial Finance Ltd, Reliance Telecom Ltd, and other Reliance ADA Group entities based on complaints from various public sector banks, LIC, and EPFO.

Earlier, the CBI had filed seven chargesheets related to Reliance ADA Group cases.

The current chargesheet is the eighth, and the CBI has arrested seven accused persons so far.