The Central Bureau of Investigation (CBI) has filed a charge sheet against Reliance Communications Limited (RCom) and others in an alleged LIC investment fraud case. The agency has put the alleged loss at Rs 3,750 crore. The charge sheet was reported on 3 October 2026 as having been filed in a Delhi court.
Executives named
The CBI has named Amitabh Jhunjhunwala, group managing director, and Vishwas Joshi, senior vice-president of Reliance Capital Limited. P. Venugopal, then chief investment officer of LIC, is also among those named, according to the agency. The charge sheet covers four accused, the CBI said.
Read More: Ultravibrant Files Draft IPO Papers For Solar And Battery Business
The agency described the case as involving RCom, two former executives of the Reliance (Anil Ambani) Group and others. It has alleged that LIC suffered wrongful loss, while the accused gained wrongfully. The allegations have not been established in court, and the accused should not be treated as convicted.
Read More: Snapdeal Parent AceVector Lists After Rs 420 Cr IPO
Alleged diversion
According to the CBI, LIC subscribed to non-convertible debentures worth Rs 1,500 crore issued by RCom in 2012. The agency alleged that LIC made the investment based on serious misrepresentations. It said funds received through the subscription were subsequently diverted to group companies.
The CBI alleged that this diversion caused wrongful loss to LIC and wrongful gain to the accused. The agency has charged the accused with criminal conspiracy, cheating and criminal breach of trust under the erstwhile Indian Penal Code. It has also invoked offences under the Prevention of Corruption Act, according to the charge sheet.
Investigation continues
The CBI registered the case on 1 April 2026, following a complaint from LIC. The agency said it is continuing further investigation to ascertain the role of other accused persons. The filing therefore does not mark the end of the probe, according to the CBI.
The agency has registered nine FIRs against RCom, Reliance Home Finance Limited, Reliance Commercial Finance Limited, Reliance Telecom Limited and other group entities. Those cases followed complaints from public sector banks, LIC and the Employees’ Provident Fund Organisation, the CBI said. The agency has earlier filed seven charge sheets in related cases.
Supreme Court monitoring
The case against RCom is one of a series involving the group, which operates its telecom and finance businesses through separate listed entities.
The investigation in these cases is being monitored by the Supreme Court, the CBI said. The agency’s allegations in the latest filing remain subject to further investigation and court proceedings. The CBI has said its ongoing inquiry will examine the roles of other accused, while the broader investigation remains under the court’s monitoring.