Politics · India Bureau
CBI charges RCom, ex-LIC official in ₹3,750-crore fraud case
The Central Bureau of Investigation has filed a charge sheet against Reliance Communications Limited, two senior group executives and a former Chief Investment Officer of Life Insurance Corporation of India in connection with a massive financial fraud case. The investigation centres on alleged misrepresentation that led LIC to invest ₹1,500 crore in company debentures in 2012.
LSN India ·
A Special CBI court in Mumbai has received the charge sheet naming Reliance Communications Ltd., Amitabh Jhunjhunwala (Group Managing Director), Vishwas Joshi (Senior Vice President of Reliance Capital Limited) and P. Venugopal, the former Chief Investment Officer of LIC, as accused parties.
According to CBI's investigation, the telecommunications company issued Non-Convertible Debentures (NCDs) to LIC in 2012 based on material misrepresentations. The debentures were valued at ₹1,500 crore, with the insurance corporation suffering substantial financial loss as a result of the alleged scheme.
The charge sheet has been filed under multiple sections of the Indian Penal Code, including criminal conspiracy, cheating and criminal breach of trust. The investigation alleges that the accused parties acted in concert to defraud LIC through false representations regarding the financial standing and viability of the debenture investment.
The case represents one of several high-profile investigations into corporate fraud involving major Indian business groups. CBI officials indicated that the investigation had uncovered evidence supporting charges against all named accused parties during the probe.