According to the Central Bureau of Investigation (CBI), its investigation established that in 2012, the company LIC acquired unsecured bonds worth 1500 crore rupees issued by Reliance Communications Ltd., based on serious misrepresentations of information.
The CBI filed a charge sheet against Reliance Communications Ltd. and three key executives in connection with a fraud case amounting to 3750 crore rupees, which was initiated by the Life Insurance Corporation (LIC).
The document names Amitabh Jundhuvwala, CEO of Reliance ADA Group, Vishwas Joshi, Senior Vice President of Reliance Capital Limited, and P Venugopal, who at the time held the position of Chief Investment Officer at LIC. The CBI report was presented to a special judge for CBI cases in Mumbai.