CBI files chargesheet in ₹3,750 Cr LIC investment fraud case

The Cliff News | 4 October 2026

The Central Bureau of Investigation (CBI) has officially filed a charge sheet in connection with an alleged investment fraud involving the Life Insurance Corporation of India (LIC), involving a sum of approximately ₹3,750 crore. The charges have been laid against Reliance Communications Limited (RCom), two former senior executives of the Anil Ambani Group, and other individuals implicated in the financial irregularities.

The former executives identified by the agency are Amitabh Jhunjhunwala, who served as the group managing director, and Vishwas Joshi, the former senior vice-president of Reliance Capital Limited. Additionally, P. Venugopal, the then chief investment officer of LIC, has been named in the charge sheet, signaling a significant move by the investigative body.

Allegations of Investment Fraud

The CBI's investigation centers on allegations that the investments made by LIC were conducted in a manner that resulted in a substantial financial loss to the public sector insurance giant. The scale of the alleged fraud, pegged at over ₹3,750 crore, underscores the gravity of the accusations against the named entities and individuals.

Sources indicate that the charge sheet details the roles and responsibilities of each accused party in facilitating or perpetuating the alleged fraudulent investment scheme. The focus of the investigation has been on the decision-making processes and the subsequent financial outcomes for LIC.

Key Figures Named

Amitabh Jhunjhunwala, a prominent figure within the Reliance Group's financial operations, and Vishwas Joshi, who held a senior position at Reliance Capital, are among the key former executives named. Their involvement suggests a deep-rooted connection to the financial dealings that are now under scrutiny by the CBI.

The inclusion of P. Venugopal, the former chief investment officer of LIC, is particularly noteworthy. As the head of investments for LIC, his alleged role is critical to understanding how such a large sum could have been potentially mismanaged or diverted, leading to the reported losses.

Investigation and Legal Proceedings

The filing of the charge sheet marks a significant milestone in the ongoing CBI investigation. It signifies that the agency has gathered sufficient evidence to proceed with legal action against the accused. Further details regarding the specific charges pressed against each individual and entity are expected to be revealed as the case progresses through the judicial system.

This development is anticipated to trigger intense legal proceedings, with significant implications for Reliance Communications and the individuals named in the charge sheet. The investigation aims to ascertain accountability and recover any potential losses incurred by LIC.