CBI files 8th chargesheet against RCom, LIC fraud case hits ₹3,750 crore
Synopsis
The CBI has filed its eighth chargesheet in the Reliance ADA Group fraud cases, this time naming RCom and three executives — including a former LIC Chief Investment Officer — over a ₹3,750 crore loss to the insurer. With nine FIRs, seven arrests, and eight chargesheets now on record, the probe is one of India's most extensive ongoing corporate fraud investigations.
Key Takeaways
The CBI filed its eighth chargesheet in the Reliance ADA Group fraud cases on 3 October 2026 before the Special Judge for CBI Cases, Mumbai .
Accused include RCom , Amitabh Jhunjhunwala (Group MD), Vishwas Joshi (Sr VP, Reliance Capital), and P.
Venugopal , former Chief Investment Officer of LIC .
In 2012 , LIC subscribed to NCDs worth ₹1,500 crore issued by RCom based on alleged misrepresentations; funds were later diverted to ADA Group companies.
Total alleged loss to LIC amounts to ₹3,750 crore , according to the CBI.
The CBI has registered nine FIRs against multiple Reliance ADA Group entities and arrested seven accused persons across these cases so far.
Further investigation is ongoing to establish the roles of other accused persons.
The Central Bureau of Investigation (CBI) on Saturday, 3 October 2026, filed its eighth chargesheet in the Reliance ADA Group cases before the Special Judge for CBI Cases, Mumbai, naming Reliance Communications Ltd (RCom) and three senior executives in connection with an alleged investment fraud that caused a loss of ₹3,750 crore to the Life Insurance Corporation of India (LIC). The chargesheet marks a significant escalation in one of India's largest ongoing corporate fraud investigations.
Who Has Been Chargesheeted
The accused named in the latest chargesheet include RCom, Amitabh Jhunjhunwala (Group Managing Director, Reliance ADA Group), Vishwas Joshi (Senior Vice President, Reliance Capital Limited), and P. Venugopal, who served as the then Chief Investment Officer of LIC. According to the CBI, the four have been booked for 'offences of criminal conspiracy, cheating and criminal breach of trust under the IPC, along with offences under the Prevention of Corruption Act, 1988.'
How the Alleged Fraud Unfolded
In 2012, LIC subscribed to non-convertible debentures (NCDs) worth ₹1,500 crore issued by RCom, allegedly on the basis of serious misrepresentations. The funds raised through this NCD subscription were subsequently diverted to ADA Group companies, according to the CBI, causing wrongful loss to LIC and corresponding wrongful gain to the accused persons and entities. The investigating agency registered the case on 1 April 2026 following a formal complaint from LIC.
Scale of the Broader Investigation
This chargesheet is the eighth filed in the cluster of Reliance ADA Group cases. The CBI's BSFB unit in Delhi has separately registered nine FIRs against RCom, Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL), Reliance Telecom Limited (RTL), and other Reliance ADA Group entities, based on complaints from various public sector banks, LIC, and the Employees' Provident Fund Organisation (EPFO). So far, seven accused persons have been arrested across these cases.
Investigation Continues
The CBI stated that further investigation is continuing to ascertain the roles of other accused persons and to probe additional allegations. The agency's statement noted that the total alleged loss caused to LIC amounts to ₹3,750 crore — a figure that encompasses damages beyond the initial ₹1,500 crore NCD transaction. The breadth of the ongoing probe suggests more chargesheets could follow as investigators pursue the money trail across ADA Group entities.
Point of View
Not winding down. Naming a former LIC Chief Investment Officer alongside RCom executives underlines a systemic failure of institutional oversight at one of India's largest public-sector insurers. The ₹3,750 crore figure dwarfs the original ₹1,500 crore NCD transaction, which raises legitimate questions about how money moved through ADA Group entities over more than a decade without triggering internal alarms. With nine FIRs, multiple entities, and complaints from banks, LIC, and EPFO, this is no longer a single-company story — it is a stress test for India's entire public financial institution governance framework.
NationPress
3 Oct 2026
Frequently Asked Questions
What is the CBI's chargesheet against Reliance Communications about?
The CBI has filed a chargesheet against Reliance Communications Ltd (RCom) and three executives alleging criminal conspiracy, cheating, and criminal breach of trust in connection with a ₹3,750 crore fraud against LIC. The case centres on a 2012 transaction where LIC subscribed to ₹1,500 crore in NCDs issued by RCom based on alleged misrepresentations, with funds later diverted to ADA Group companies.
Who are the accused named in the latest CBI chargesheet?
The chargesheet names four accused: RCom (the company), Amitabh Jhunjhunwala (Group MD, Reliance ADA Group), Vishwas Joshi (Senior VP, Reliance Capital Limited), and P. Venugopal, who was LIC's Chief Investment Officer at the relevant time. The CBI says further investigation is ongoing to identify other accused.
How much loss did LIC allegedly suffer in this fraud?
The total alleged loss to LIC amounts to ₹3,750 crore, according to the CBI. The initial transaction involved LIC subscribing to non-convertible debentures worth ₹1,500 crore issued by RCom in 2012, with the remaining losses stemming from the subsequent diversion of funds.
How many chargesheets and FIRs has the CBI filed in Reliance ADA Group cases?
As of 3 October 2026, the CBI has filed eight chargesheets and registered nine FIRs against multiple Reliance ADA Group entities — including RCom, RHFL, RCFL, and RTL — based on complaints from public sector banks, LIC, and EPFO. Seven accused have been arrested so far.
When did the CBI first register the case against RCom?
The CBI registered the specific case related to the LIC NCD fraud on 1 April 2026, following a formal complaint received from LIC. The broader cluster of Reliance ADA Group cases, however, encompasses nine FIRs filed by the CBI's BSFB unit in Delhi.
