The Central Bureau of Investigation (CBI) has filed a charge sheet in a cheating case amounting to ₹3,750 crore, naming Reliance Communications Ltd. (RCom), former executives of the Reliance ADA Group, and a former Chief Investment Officer of the Life Insurance Corporation of India (LIC). The charge sheet was filed on Saturday, according to Business Standard.

The federal agency alleges that the actions of the accused led to a wrongful loss for LIC, as reported by Business Standard. The investigation conducted by the CBI has indicated that in 2012, LIC subscribed to Non-Convertible Debentures (NCDs) issued by Reliance Communications Ltd. The value of these NCDs was ₹1,500 crore. This subscription, the CBI states, was made on the basis of "serious misrepresentations," Business Standard reported.

Details of the Allegations and Accused Parties

The charge sheet was submitted to a Special CBI court located in Mumbai. Business Standard, citing a CBI spokesperson, reported that the accused include Reliance Communications Ltd. itself. In addition to the company, two executives from the Reliance ADA Group have been named. These individuals are Amitabh Jhunjhunwala, who served as the Group Managing Director, and Vishwas Joshi, who held the position of Senior Vice President at Reliance Capital Limited. The charge sheet also names P. Venugopal, who was the Chief Investment Officer of LIC at the time of the alleged events, according to Business Standard.

The four accused parties have been charged with multiple offenses. These include criminal conspiracy, cheating, and criminal breach of trust, all falling under the provisions of the Indian Penal Code (IPC). Furthermore, they face charges under the Prevention of Corruption Act, 1988, a CBI spokesperson confirmed to Business Standard.

The CBI spokesperson further detailed the alleged financial mechanism of the case. According to the agency, the funds that LIC provided through the NCD subscription were subsequently "diverted to ADA group companies." This alleged diversion resulted in a "wrongful loss to LIC" and, conversely, a "corresponding wrongful gain to the accused persons and entities," Business Standard reported.

Ongoing Investigation

The CBI has indicated that its investigation into the matter is not yet complete. According to Business Standard, the agency is continuing its efforts to determine the involvement and role of other potential accused persons. Additionally, the ongoing investigation aims to explore and verify other allegations related to the case.