Rs 273 cr insurance scam: Mukesh Ambani's RIL charge-sheeted

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Mukesh Ambani

Mumbai, Feb 5: It might prove as a major setback for Mukesh Ambani as the investigative agency, Central Bureau of Investigation (CBI) reportedly charge-sheeted Reliance Industries Limited (RIL) over an insurance scam worth of Rs 273 crore.

The charge-sheet has been filed against RIL by the CBI under the provision of Prevention of Corruption Act for criminal conspiracy and other charges. The charge-sheet has been file in the National Insurance Company Limited (NICL) scam.

Media reports quoted a CVC official as saying, "Some NICL officials had entered into a criminal conspiracy with a few private telecom provider employees between 2002 and 2004."

"Subsequently, two MoUs were signed between the private telecom provider and the NICL, where terms deviating from the standard policy and favourable to the party were incorporated," added the official.

According to media reports, the CBI accused NICL officials of violating internal circulars while issuing two SCPs. NICL also has been accused of not doing any risk analysis during the same time.

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