Rs 3,750 crore RCom fraud: CBI names ex-LIC executive
The CBI has filed a chargesheet against Reliance Communications and several executives regarding a Rs 3,750 crore fraud case involving LIC funds. The investigation alleges that funds intended for debentures were diverted to other group companies, causing significant losses.
Why it matters
This case highlights ongoing efforts by Indian authorities to crack down on corporate financial fraud and protect public sector investments.
NEW DELHI: CBI has filed a chargesheet against Reliance Communications Ltd and three key executives in a Rs 3,750 crore fraud case alleged by Life Insurance Corporation (LIC). The document names Amitabh Jhunjhunwala, Group MD of Reliance ADA Group, Vishwas Joshi, senior VP of Reliance Capital Limited, and P Venugopal, the then chief investment officer of LIC. CBI filed its report before the special judge for CBI cases in Mumbai.The accused have been charged with offences of criminal conspiracy, cheating, and criminal breach of trust under IPC sections, alongside charges under the Prevention of Corruption Act.According to CBI, its investigation revealed that in 2012, LIC subscribed to Non-Convertible Debentures worth Rs 1,500 crore issued by Reliance Communications Ltd.
Also covering this story
One other newsroom covered this event. We read that version too.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in