CBI chargesheets RCom, ex-LIC investment chief in Rs 3,750-crore cheating case
The CBI has filed a chargesheet in a Rs 3,750-crore cheating case against Reliance Communications Ltd (RCom), two former executives of the Reliance ADA Group and P Venugopal, the former Chief Investment Officer of the Life Insurance Corporation of India (LIC).
The document alleges that LIC suffered wrongful loss after investing Rs 1,500 crore in RCom non-convertible debentures (NCDs) in 2012. The chargesheet was filed before a Special CBI court in Mumbai.
The agency's investigation found that funds received through the NCD subscription were subsequently diverted to ADA Group companies, allegedly causing wrongful loss to LIC and corresponding wrongful gain to the accused persons and entities.
The CBI has charged RCom, Amitabh Jhunjhunwala, Group MD of the Reliance ADA Group, Vishwas Joshi, Senior Vice President of Reliance Capital Ltd, and Venugopal with criminal conspiracy, cheating and criminal breach of trust under the IPC, along with offences under the Prevention of Corruption Act, 1988.
The CBI said the case was registered on April 1, 2026, based on a complaint received from LIC. The agency said the total alleged loss caused to LIC amounts to Rs 3,750 crore.
Further investigation is continuing to ascertain the role of other accused persons and examine other allegations.
The case is part of a broader CBI probe into nine FIRs involving RCom, Reliance Home Finance Ltd (RHFL), Reliance Commercial Finance Ltd, Reliance Telecom Ltd and other Reliance ADA Group entities, based on complaints from public sector banks, LIC and EPFO.
The latest chargesheet is the eighth filed by the CBI in the Reliance ADA Group cases, according to the agency. The CBI has so far arrested seven accused persons.
The investigations are being monitored by the Supreme Court, with the agency stating that it remains committed to an expeditious and comprehensive probe.
The RCom chargesheet came two days after the CBI filed its second chargesheet in a separate loan fraud case linked to RHFL.
The agency alleged that Rs 7,429.16 crore borrowed by RHFL was diverted through intermediary and conduit entities to various Reliance ADA Group companies, in violation of the terms and conditions imposed by lenders.
The second RHFL chargesheet names 11 accused, including Amit Bapna, Director and CFO of RHFL; Amitabh Jhunjhunwala, Group MD and Vice Chairman of Reliance Capital Ltd; and Suresh Nagarajan, CFO of Reliance Power Ltd.
Seven companies and Vijay Napawaliya, a chartered accountant and statutory auditor of RHFL, have also been named.
The CBI said the alleged diversion caused wrongful loss to lending banks and financial institutions and corresponding wrongful gain to the accused persons and related entities.
The agency had registered the case following complaints from Union Bank of India, formerly Andhra Bank, and other public sector banks in the consortium.
With the latest filing, 15 accused, including senior officials and group companies, have been chargesheeted in the RHFL case.
The CBI said further investigation in both the RCom-LIC and RHFL cases will continue to determine the role of other accused persons and examine additional allegations. No immediate reaction was available from the Reliance ADA Group on the latest developments.
The two chargesheets form part of the agency's continuing investigation into multiple alleged financial irregularities involving Reliance ADA Group entities, with further legal proceedings expected before the respective special courts.- Ends
Divyesh Singh is one of the leading crime journalists in the country. A seasoned investigative journalist with experience of over 15 years in journalism covering Crime, Internal security, Defence, Central Agencies, and Rural issues, he has a number of exclusive breaks and investigative stories to his name. Presently working with the Special Investigation Team (SIT) of Aajtak / India Today based in Mumbai, Maharashtra. Some of his stories to recall are 'Confessions of members from radical organisation in a bomb blast case in which they had been acquitted, Fodder scam in drought affected areas of Maharashtra, Crypto currency scam worth hundreds of crores ,Financial scam targeting US citizens, Black-marketing of life saving Covid19 drugs'. Many such investigations have been appreciated by law enforcement agencies and he has been awarded and appreciated twice by the Maharashtra police for helping the agency crack two serious cases, one a financial scam worth crores and another a double murder case. His coverage in the actor Sushant Singh Rajput death case brought to light the facts in the case, while reported a series of exclusives in the Yes Bank DHFL case and Iqbal Mirchi case on India Today / Aajtak. His coverage on crime underworld and narcotics has been extensive and indepth.
