The Supreme Court of India today called out the central investigating agencies for their “reluctance” to conduct investigations into the alleged large-scale bank fraud involving the Anil Dhirubhai Ambani Group and its companies, PTI reported.
Dissatisfied with the progress, the Supreme Court directed the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) to conduct a “fair, impartial, transparent and time-bound” investigation into the matter, he added.
An SC bench comprising Chief Justice Surya Kant and Justices Joymalya Bagchi and Vipul M Pancholi took cognizance of the submissions of Solicitor General Tushar Mehta appearing for the CBI and ED and also directed all concerned financial institutions to “give full cooperation to the ED”.
What did the Supreme Court say?
The bench was hearing a public interest litigation (PIL) filed by former EAS bureaucrat Sarma, who sought a court-monitored probe into the alleged over ₹40,000 crore loan fraud by the Anil Dhirubhai Ambani Group (ADAG) led by industrialist Anil Ambani. The court allowed investigative bodies to turn to it in the event that there was reluctance on the part of other state administration bodies to extend cooperation to them.
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At the outset, SG Mehta informed the bench that a Special Investigation Team (SIT) consisting of senior ED officers and financial experts from the banking sector had been constituted based on an earlier order. He said the investigating agencies have so far attached property worth ₹15,000 crore and also arrested four persons, including several senior officials.
Lawyer Prashant Bhushan, who appeared for Sarma, referred to a report by the Securities and Exchange Board of India (SEBI) which said it was highlighted that a scheme to siphon off money had been devised and yet the CBI had not made any arrests so far.
“She has been arrested. We cannot make random arrests,” the SG declared, to which CJI Kant said, “We cannot direct (them) who to arrest; but the way they have shown reluctance is unacceptable to the investigating authorities. They should say in a time-bound manner what was found. Your investigation should reveal what was done and it must inspire confidence not only in us.”
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Referring to certain facts disclosed in fresh reports on the status of investigating agencies, the bench said that the CBI and ED are currently probing seven and eight First Information Reports (FIRs). He also stated that the loan amount higher than ₹3,000 crore was apparently settled by paying ₹26 million. The court said the total amount of the fraud was estimated to be around ₹73,000 million crowns.
“Investigating agencies must join hands and find out the problem. We will impress upon the CBI and ED that the investigation has been completed as dispassionately and independently as possible to take it to its logical conclusion in a time-bound manner. The Advocate General has assured that no stone will be left unturned to reveal the truth. The Advocate General has pointed to the second status report where we have sought the entire financial report from the ED, where we have sought all the financial information from the ED,” the Advocate General said. ordered.
This is not the first time that the SC bench has expressed “displeasure” over the probe’s progress
Senior advocate Mukul Rohatgi, who is appearing for Anil Ambani, said that due to the PIL being stuck, lending banks are not willing to engage in dialogue with him to clear the dues. “They are hesitant because of the current case,” Rohatgi said.
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The bench said it did not prevent anyone from any consultation and sought fresh status reports from the investigating agencies and fixed the PIL for further hearing after four weeks.
On February 4, the bench expressed displeasure over the “inexplicable delay” in the investigation. Ambani assured the apex court that he would not leave the country without its prior nod after the petitioner held that he could flee.
ED has an alleged default ₹7,500 crore in Reliance Home Finance and ₹8,200 crore in Reliance Commercial Finance, citing “large diversion of public funds”.
An ED report on Reliance Power noted by it said the agency is investigating the submission of forged bank guarantees to Solar Energy Corporation of India, which caused a loss of more than ₹105 million.
Bhushan pointed out that Reliance Communications despite having debts ₹47,000 crore, it was sold for just ₹430 crore, roughly 1% of its value, to a company belonging to Anil Ambani’s brother. “The Insolvency and Bankruptcy Code is misused like anything else,” the CJI said.
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A senior lawyer appearing for ADAG said two of the group’s companies, Reliance Power and Reliance Infrastructure, have already repaid ₹20,000 million crowns.
On January 23, the apex court asked the CBI and ED to file status reports in a sealed envelope within 10 days on their ongoing probe into the alleged massive banking and corporate frauds.
The FIR was registered in 2025, though the frauds were going on since 2007-08, the lawyer claimed.
The PIL alleged systematic diversion of public funds, fabrication of financial statements and institutional complicity across Anil Ambani’s various entities led by Reliance ADAG.
It said that the FIR registered by the CBI along with the related ED proceedings only deal with a small segment of the alleged fraud.
He also sought a direction to the respondents to set up a SIT comprising CBI and ED officers to conduct a thorough, impartial and time-bound investigation.
Between 2013 and 2017, RCOM, Reliance Infratel and Reliance Telecom borrowed ₹31,580 crore from a consortium of banks led by State Bank of India.
