CBI Files Chargesheet In ₹3,750-Cr RCom Cheating Case
“The four accused have been charge sheeted for offences of criminal conspiracy, cheating and criminal breach of trust under the IPC, along with offences under the Prevention of Corruption Act, 1988”: CBI spokesperson
NEW DELHI: The Central Bureau of Investigation has filed a chargesheet against Reliance Communications Ltd, two senior executives of the Reliance ADA Group and a former chief investment officer of the Life Insurance Corporation of India (LIC) in a ₹3,750-crore cheating case.
The chargesheet, filed before a special CBI court in Mumbai, names RCom; Amitabh Jhunjhunwala, group managing director; Vishwas Joshi, senior vice-president at Reliance Capital Ltd; and P. Venugopal, then chief investment officer of LIC.
“The four accused have been charge sheeted for offences of criminal conspiracy, cheating and criminal breach of trust under the IPC, along with offences under the Prevention of Corruption Act, 1988,” a CBI spokesperson said.
According to the agency, its investigation has so far revealed that LIC subscribed in 2012 to non-convertible debentures worth ₹1,500 crore issued by Reliance Communications Ltd on the basis of alleged serious misrepresentations.
The CBI alleged that the funds raised through the NCD subscription were subsequently diverted to ADA Group companies, causing a wrongful loss to LIC and corresponding wrongful gain to the accused persons and entities.
The agency said further investigation was continuing to ascertain the role of other accused persons and examine additional allegations.