Last Updated on April 1, 2026 8:03 pm by INDIAN AWAAZ
Inder Vashisth
Central Bureau of Investigation has registered a case on 1st April, 2026 against M/s. Reliance Communications Ltd, Anil Dhirajlal Ambani, Unknown Public Servants and Unknown others on allegations of causing wrongful loss of Rs. 3750 crores to Life Insurance Corporation (LIC) of India.
The case has been registered on the basis of a complaint dated received from Life Insurance Corporation of India Ltd. for offences of conspiracy, cheating, misappropriation and offences under prevention of corruption Act.
It is alleged that LIC was fraudulently induced to subscribe to Non Convertible Debentures (NCDs) worth Rs. 4500 crores on the basis of false representations made by M/s Reliance Communications Ltd. and its management regarding financial health of the company, and security and asset cover offered to LIC while subscribing NCDs. LIC has made this complaint on basis of a Forensic audit report dated 15.10.2020 conducted by M/s BDO India LLP, which reported that RCOM and its management had resorted to misutilization of funds raised from banks and financial institutions, routing of funds through subsidiaries, misuse of sale invoice financing, discounting of fictitious bills, systematic siphoning of funds through inter-company deposits/shell related entities, creating and write-off of fictitious debtors and receivables and gross overstatement of security. There was a mismatch between the charges and the assets.
CBI had earlier registered 03 cases against M/s. Reliance Communications Ltd, Shri Anil Dhirajlal Ambani, and others on allegations of defrauding number of banks. This case is for defrauding the LIC.
Investigation of the case is in progress.