The Central Bureau of Investigation has filed a charge sheet in a ₹3,750-crore cheating case against Reliance Communications Ltd. (RCom), former executives of the group, and a former Chief Investment Officer of Life Insurance Corporation of India. According to reports from Business Standard and The Hindu BusinessLine, the charge sheet was filed before a Special CBI court in Mumbai on Saturday. The CBI investigation has revealed that LIC subscribed to NCDs worth ₹1,500 crore issued by Reliance Communications Ltd. in 2012 based on serious misrepresentations.
As reported by The Hindu BusinessLine, the CBI charge sheet names four accused persons: Reliance Communications Ltd., Amitabh Jhunjhunwala, Group MD, Vishwas Joshi, Sr. VP, Reliance Capital Limited, and P. Venugopal, the then Chief Investment Officer, LIC. According to a CBI spokesperson, the agency has specifically named "Reliance Communications Ltd., two executives of the Reliance ADA Group, namely, Amitabh Jhunjhunwala, Group MD, Vishwas Joshi, Sr. VP, Reliance Capital Limited and P. Venugopal, the then Chief Investment Officer, LIC" in its charge sheet. The four accused have been chargesheeted for offences of criminal conspiracy, cheating and criminal breach of trust under the IPC, along with offences under the Prevention of Corruption Act, 1988. The CBI spokesperson confirmed that further investigation is continuing to ascertain the role of other accused persons and to investigate other allegations.
According to the CBI investigation reported by The Hindu BusinessLine, the funds received through the NCD subscription were thereafter diverted to ADA group companies, thereby causing wrongful loss to LIC and corresponding wrongful gain to the accused persons and entities. As confirmed by the CBI spokesperson, this diversion of funds from the NCD subscription to ADA group companies represents the alleged financial misconduct that forms the basis of the criminal charges against the accused parties.
As reported by The Hindu BusinessLine, the CBI investigation continues with the agency stating that further investigation is continuing to ascertain the role of other accused persons and to investigate other allegations. The case involves allegations of serious misrepresentations made to LIC regarding the NCD subscription, which ultimately resulted in the diversion of funds to ADA group companies. The charge sheet filing represents a significant development in the ongoing investigation into the alleged financial irregularities in the telecommunications sector.
