CBI chargesheets RCom, ex-LIC investment chief in ₹3,750-cr cheating case

Business Standard · business

The CBI has filed a charge sheet in a ₹3,750-crore cheating case against Reliance Communications Ltd. (RCom) and former executives, along with a former Chief Investment Officer of LIC. The investigation revealed that LIC subscribed to NCDs worth ₹1,500 crore in 2012 from RCom based on misrepresentations. The funds were allegedly diverted to ADA group companies, causing wrongful loss to LIC and wrongful gain to the accused. The charge sheet names RCom, Amitabh Jhunjhunwala, Vishwas Joshi, and P. Venugopal for criminal conspiracy, cheating, and criminal breach of trust.