New Delhi, October 3, 2026 (Yes Punjab News)
The Central Bureau of Investigation (CBI) has filed a chargesheet against Reliance Communications Ltd (RCom) and three individuals in connection with an alleged investment fraud involving the Life Insurance Corporation of India (LIC), the agency said on Saturday.
The chargesheet was filed before the Special Judge for CBI Cases in Mumbai against RCom, Amitabh Jhunjhunwala, Group Managing Director of the Reliance ADA Group, Vishwas Joshi, Senior Vice President of Reliance Capital Ltd, and P. Venugopal, the then Chief Investment Officer of LIC.
According to the CBI, the accused have been booked for alleged criminal conspiracy, cheating and criminal breach of trust under the Indian Penal Code, along with offences under the Prevention of Corruption Act, 1988.
The agency alleged that in 2012, LIC subscribed to non-convertible debentures (NCDs) worth Rs 1,500 crore issued by RCom based on what it described as serious misrepresentations. The funds received through the subscription were subsequently diverted to companies of the Anil Dhirubhai Ambani Group, allegedly causing wrongful loss to LIC and corresponding wrongful gain to the accused persons and entities.
The CBI said the case was registered on April 1, 2026, based on a complaint from LIC. The total alleged loss to LIC is estimated at Rs 3,750 crore, it said.
The agency added that its BSFB unit 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 public sector banks, LIC and the Employees’ Provident Fund Organisation.
The CBI said it had earlier filed seven chargesheets in cases involving Reliance ADA Group entities. The present filing is the eighth chargesheet in the cases, while seven accused persons have so far been arrested.
Further investigation is continuing to ascertain the role of other accused and examine additional allegations, the agency said.
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