Politics
CBI chargesheets RCom in Rs 3,750-crore LIC case
The Hindu BusinessLine··3 Oct
The CBI filed a charge sheet in a Rs 3,750-crore cheating case against Reliance Communications, former Reliance ADA executives and a former LIC chief investment officer. Officials said LIC subscribed to Rs 1,500 crore of RCom NCDs in 2012 on the basis of serious misrepresentations. Accused named include Amitabh Jhunjhunwala, Vishwas Joshi and then LIC CIO P. Venugopal.
Prism
What It Means For You
- LIC policyholders tracing the 2012 NCD subscription now have a Mumbai special CBI court charge sheet on record.
- Further CBI investigation continues into other accused persons and related allegations.
- The agency says NCD funds were diverted to ADA group companies, causing alleged wrongful loss to LIC.
What's Happening
- The charge sheet before a special CBI court in Mumbai names RCom, Jhunjhunwala, Joshi and Venugopal.
- Charges include criminal conspiracy, cheating and criminal breach of trust under the IPC, plus Prevention of Corruption Act offences.
- A CBI spokesperson said the four accused have been chargesheeted on those counts.
What the Agency Alleges
- In 2012, LIC subscribed to NCDs worth Rs 1,500 crore issued by Reliance Communications, CBI said.
- The agency alleges the subscription rested on serious misrepresentations.
- CBI said the funds were then diverted to ADA group companies for alleged wrongful gain to the accused.
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