India
LIC-RCom Fraud Case Moves To Chargesheet Stage
Investigators say public money was diverted to group companies.
Investigators say public money was diverted to group companies.
’ collapse has become a criminal case over how money from a pub insurer was used. put ₹4,500 crore into RCom debt from 2009 to 2012, but investigators say it was misled about the company’s finances and the protection behind the investment. When repayments failed, about ₹3,750 crore was still unpaid, and the case shifted from a bad investment to alleged fraud, cheating, and corruption.
The has now filed a in Mumbai against RCom, two former , and ’s then . The agency says the money was diverted to group companies, though more people may still be added. The case matters because it tests whether pub money can be protected when large borrowers, lenders, and officials work too closely together.
The CBI said was continuing to identify other accused persons and examine additional allegations. Reports also noted that related transactions and roles of may still be reviewed. That means the is not the end of the case, only the first formal prosecution step.
The said the accused were booked for , cheating, and under the , along with offences under the . Reports said these charges were linked to the alleged wrongful loss caused to through the RCom . The filing framed the matter as both corporate fraud and corruption-linked misconduct.
The CBI filed a before the in Mumbai in the LIC-RCom case. It named Reliance Communications, Amitabh Jhunjhunwala, Vishwas Joshi, and P. Venugopal, the then LIC Chief Investment Officer. The filing was reported as a formal escalation in a Rs 3,750-crore cheating case tied to LIC’s investment loss.
Investigators said LIC was induced to subscribe to the NCDs on the basis of serious about RCom’s position. The CBI’s case theory is that money raised through LIC’s subscription was diverted to , causing wrongful loss to LIC. Later coverage said the probe also examined how the funds were used after the debt was raised.
The registered a fresh case on April 1, 2026, after LIC’s complaint over the RCom investment. The named Anil Ambani, Reliance Communications, and unknown public servants, and invoked conspiracy, cheating, criminal breach of trust, misappropriation, and offences. Reports said the case alleged LIC had been fraudulently induced into the investment.
By 2017, RCom had linked to the , leaving about Rs 3,750 crore unpaid. The case material says this unpaid amount became the basis for LIC’s loss calculation. That default turned the investment dispute into a potential fraud inquiry.
LIC to another Rs 1,500 crore of RCom in February 2012. The complaint and later reports say the insurer relied on representations about RCom’s financial health and the security backing for the debt. This brought LIC’s total exposure in the case to Rs 4,500 crore.
LIC invested Rs 3,000 crore in issued by in March 2009. The later CBI case says this was one of two tranches that built LIC’s total exposure to Rs 4,500 crore. The investment became the starting point for the alleged loss to the public insurer.