cbi charge sheet against rcom, others over Rs.3,750-cr fraud
New Delhi, Oct. 4 -- The Central Bureau of Investigation (CBI) has filed a charge sheet in its probe against Reliance Communications Ltd. (RCom), former executives of the group and a former chief investment officer of Life Insurance Corporation of India for causing wrongful loss to LIC in connection with the alleged Rs.3,750 crore fraud, the agency said on Saturday.
The CBI investigation so far has revealed that, in 2012, LIC subscribed to NCDs (non-convertible debentures) worth Rs.1,500 crore issued by Reliance Communications Ltd. on basis of serious misrepresentations, according to central agency.
In its charge sheet filed before a special CBI court in Mumbai, the agency has named as accused Reliance Communications Ltd., two executives of the Reliance ADA Group - Amitabh Jhunjhunwala, Group MD, Vishwas Joshi, Senior VP, Reliance Capital Limited and P Venugopal, the then Chief Investment Officer, LIC, a CBI spokesperson said in a statement
"The four accused have been chargesheeted for offences of criminal conspiracy, cheating and criminal breach of trust under the IPC, along with offences under the Prevention of Corruption Act, 1988," the spokesperson said. The agency said further investigation is continuing to ascertain the role of other accused persons and to investigate other allegations.
"The funds received through the NCD subscription were thereafter diverted to ADA group companies, thereby causing wrongful loss to LIC and corresponding wrongful gain to the accused persons and entities," the spokesperson said.
HT reached out to Reliance group for a comment but there was no response. htc...
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