CBI files charge sheet against RCom, others in ₹3,750 crore LIC fraud case

The Central Bureau of Investigation (CBI) recently filed a charge sheet against Reliance Communications Limited (RCom), two former executives, and others in connection with a LIC investment fraud case that allegedly resulted in a loss of ₹3,750 crore. The individuals named as accused include Amitabh Jhunjhunwala, the group managing director of the Anil Ambani Group; Vishwas Joshi, senior vice-president of Reliance Capital Limited; and P. Venugopal, the former chief investment officer of LIC.

The CBI has charged the four accused with criminal conspiracy, cheating, and criminal breach of trust under the Indian Penal Code, as well as offenses under the Prevention of Corruption Act. The alleged fraud involved LIC subscribing to Non-Convertible Debentures (NCDs) worth ₹1,500 crore issued by RCom in 2012 based on false representations.

These funds were then allegedly misappropriated by the accused, causing wrongful loss to LIC and wrongful gain to the accused and their affiliated entities. The CBI registered the case on April 1, 2026, following a complaint from LIC, with an estimated loss amounting to ₹3,750 crore. The agency has also registered nine first information reports (FIRs) against various entities in the Reliance Group, as well as other organizations, based on complaints from public sector banks, LIC, and the Employees' Provident Fund Organisation (EPFO).

The investigation is currently under review by the Supreme Court, and the CBI is committed to conducting a thorough and timely investigation into all related matters.