The Central Bureau of Investigation (CBI) has filed a charge sheet against Reliance Communications Limited (RCom), two former executives of the Reliance (Anil Ambani) Group and a former Life Insurance Corporation of India (LIC) official in connection with an investment fraud case. The agency says the alleged wrongful loss to LIC in the matter stands at ₹3,750 crore. The development was reported on 3 October 2026.
The CBI named the two former Group executives as Amitabh Jhunjhunwala, who was the Group's managing director, and Vishwas Joshi, who was a senior vice-president at Reliance Capital Limited. The third individual named is P. Venugopal, who was LIC's chief investment officer at the time of the transactions. Together with RCom, they make up the four accused in the charge sheet.
According to the agency, the four have been charged with criminal conspiracy, cheating and criminal breach of trust under the erstwhile Indian Penal Code, along with offences under the Prevention of Corruption Act. In its statement, the CBI said further investigation is continuing to establish the role of other accused persons and to examine other allegations connected to the matter.
The investigation agency alleges that LIC subscribed to non-convertible debentures (NCDs) worth ₹1,500 crore issued by RCom in 2012, and that the subscription was secured on the basis of serious misrepresentations. The CBI claims the money raised through the NCDs was then diverted to other companies within the Group. This, it says, caused wrongful loss to LIC and a matching wrongful gain to the accused persons and entities.
The CBI registered the case on 1 April 2026 on the basis of a complaint received from LIC. The agency puts the loss caused to the insurer at ₹3,750 crore, a figure well above the ₹1,500 crore value of the debentures at the centre of the allegations.
This is one of several cases the agency is pursuing against the Group. The CBI has registered nine first information reports (FIRs) against RCom, Reliance Home Finance Limited, Reliance Commercial Finance Limited, Reliance Telecom Limited and other Group entities. These followed complaints from various public sector banks, LIC and the Employees' Provident Fund Organisation (EPFO). Before the latest filing, the agency had already filed seven charge sheets in other cases arising from these FIRs.
The CBI also pointed to judicial oversight of the probe. It said the Supreme Court is monitoring the investigation in these cases, and that the agency remains committed to conducting an expeditious and comprehensive inquiry.
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