CBI Files Charge Sheet Against RCom, Others in ₹3,750 Crore LIC Fraud Case
The agency alleges RCom and former LIC officials diverted Rs 1,500 crore in debenture proceeds, causing wrongful loss to LIC, officials said.
- On Saturday, the CBI filed a charge sheet in a Rs 3,750-crore cheating case against Reliance Communications Ltd and former Life Insurance Corporation officials in Mumbai.
- The investigation centers on LIC's 2012 subscription to RCom's Non-Convertible Debentures worth Rs 1,500 crore, which the CBI alleges was based on serious misrepresentations.
- Named as accused in the Special CBI court in Mumbai are RCom, Reliance ADA Group executives Amitabh Jhunjhunwala and Vishwas Joshi, and former LIC Chief Investment Officer P. Venugopal.
- The accused face charges of criminal conspiracy, cheating, and criminal breach of trust under the IPC, alongside offences under the Prevention of Corruption Act for causing wrongful loss to LIC.
- Funds were reportedly diverted to ADA group companies, causing wrongful gain to the accused, while the CBI noted further investigation is continuing to ascertain other individuals' roles.
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CBI chargesheets RCom, ex-LIC investment chief in Rs 3,750-crore cheating case
The document alleges that LIC suffered wrongful loss after investing Rs 1,500 crore in RCom non-convertible debentures (NCDs) in 2012. The chargesheet was filed before a Special CBI court in Mumbai.
CBI files charge sheet against RCom, others in ₹3,750 crore LIC fraud case
The four accused have been charged for offences of criminal conspiracy, cheating, and criminal breach of trust under the erstwhile Indian Penal Code, along with offences under the Prevention of Corruption Act
CBI Files Chargesheet Against Reliance Communications Ltd. (Rcom) in LIC Investment Fraud Case
Get latest articles and stories on India at LatestLY. The Central Bureau of Investigation (CBI) has filed a chargesheet in the Reliance Communications Ltd. (RCom) case before the Special Judge for CBI Cases, Mumbai, against Reliance Communications Ltd., two executives of the Reliance ADA Group, namely, Amitabh Jhunjhunwala, Group MD, Vishwas Joshi, VP, Reliance Capital Limited, and P Venugopal, the then Chief Investment Officer, LIC. India News …
RCom, Ex-LIC CIO Face CBI Charges In Major Cheating Scandal
The CBI has filed a charge sheet in a Rs 3,750-crore cheating case against Reliance Communications Ltd. (RCom), former executives of the Reliance ADA Group, and a former Chief Investment Officer of Life Insurance Corporation of India (LIC). The case involves LIC subscribing to NCDs worth Rs 1,500 crore from RCom in 2012 based on alleged misrepresentations, with funds subsequently diverted to ADA group companies, causing wrongful loss to LIC.
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