Mumbai. The Central Bureau of Investigation (CBI) has filed a chargesheet against Reliance Communications Limited (RCom) and three individuals associated with the Reliance ADA Group and Life Insurance Corporation of India (LIC) in an alleged fraud case. The chargesheet has been filed before the Special CBI Court in Mumbai. The agency has invoked provisions relating to criminal conspiracy, cheating and criminal breach of trust, along with provisions of the Prevention of Corruption Act.
The accused named in the chargesheet include RCom, Amitabh Jhunjhunwala, Group Managing Director of the group, Vishwas Joshi, Vice President of Reliance Capital Limited, and P Venugopal, former Chief Investment Officer of LIC. According to the CBI investigation, LIC had invested ₹1,500 crore in non-convertible debentures (NCDs) issued by RCom in 2012. The agency has alleged that the investment was made on the basis of serious misrepresentations and allegedly misleading information.
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According to the CBI, the investigation found indications that the funds received through the investment were subsequently diverted to various companies belonging to the Reliance ADA Group. The agency has alleged that the transactions caused wrongful financial loss to LIC while resulting in wrongful gain to the accused individuals and related entities. The total alleged loss in the case has been pegged at ₹3,750 crore.
The case was registered by the CBI on April 1, 2026, following a complaint filed by LIC. The investigation subsequently examined documents related to the investment, financial transactions and the movement of funds between the companies concerned. The chargesheet covers the circumstances surrounding the LIC investment and the subsequent alleged use and transfer of the funds.
The case is part of a wider CBI investigation into alleged financial irregularities involving entities linked to the Reliance ADA Group. The agency has registered nine FIRs against various group-linked companies based on complaints from public sector banks, LIC and the Employees’ Provident Fund Organisation (EPFO). The entities named in these cases include Reliance Communications Limited, Reliance Home Finance Limited, Reliance Commercial Finance Limited and Reliance Telecom Limited.
The CBI has already filed chargesheets in seven cases connected with the Reliance ADA Group. The latest chargesheet is the eighth filed in this series of cases. Seven accused persons have so far been arrested during the investigations. The agency is examining the financial activities of the companies involved, funds raised from banks and institutional investors, and the alleged diversion or utilisation of those funds.
The chargesheet in the LIC investment case formally places the CBI’s findings before the court. The allegations, however, remain subject to judicial scrutiny, and the final determination of criminal liability will depend on the proceedings before the court. The accused persons will have the opportunity to contest the allegations and challenge the evidence presented by the investigating agency.
The Supreme Court is monitoring the investigations into the matters. The CBI has stated that it is committed to conducting a comprehensive and expeditious investigation. The latest chargesheet comes as investigations continue into complaints filed by various financial institutions against companies associated with the Reliance ADA Group.
With the filing of the chargesheet, the alleged circumstances surrounding LIC’s ₹1,500 crore investment in RCom, the information provided at the time of the investment and the subsequent movement of the funds will now form part of the judicial proceedings. Further hearings will determine how the evidence presented by the CBI is assessed by the court.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
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