The Central Bureau of Investigation (CBI) conducted a seizure operation at Reliance Communications' Navi Mumbai office, and siezed documents related to debentures and commercial papers issued to the Life Insurance Corporation of India (LIC), according to an exchange filing by the company on Wednesday.
During the operation, CBI officials "seized inter alia certain original records and various other documents" pertaining to the NCDs and commercial papers, which were issued between 2009 and 2016.
The operations come after the Anil Ambani led company found itself in the thick of legal trouble in the beginning of the month.
On April 1, 2026, the CBI registered a fresh case against RCom, businessman Anil Ambani and others for allegedly causing a wrongful loss of Rs 3,750 crore to Life Insurance Corporation (LIC) of India.
As per the allegations, LIC was fraudulently induced to subscribe to NCDs worth Rs 4,500 crore based on false representations by RCom and its management regarding financial health of the company.
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Following this, LIC filed the complaint on basis of findings of a forensic audit report dated October 15, 2020, by BDO India LLP. It reported that RCom and its management had allegedly resorted to misuse of funds raised from banks and financial institutions.
The LIC complaint adds on to the three existing cases against RCom, Ambani, and others on charges of de-frauding lenders such as State Bank of India and Bank of Baroda. The investigating agencies have alleged that the company has an outstanding due of more than Rs 40,000 crore to different lenders, according to reports.
Towards the end of February, the CBI had conducted searches at industrialist Anil Ambani's home and office after registering a fresh case against RCom, alleging a Rs 2,223-crore fraud between 2013 and 2017.
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