New Delhi, Nov 18 (PTI) In a significant development, the Supreme Court on Tuesday sought responses from the Centre, CBI, ED, Anil Ambani and the Anil Dhirubhai Ambani Group (ADAG) on a PIL seeking a court-monitored probe into alleged massive banking and corporate fraud involving the ADAG and its group companies.
A bench comprising Chief Justice B R Gavai and Justice K Vinod Chandran took note of the submissions made by lawyer Prashant Bhushan, appearing for the petitioner and former Union secretary E A S Sarma, and sought the replies within three weeks.
The bench posted the PIL for further hearing after three weeks.
Bhushan alleged that the probe agencies are not investigating the alleged complicity of banks and their officials in the huge banking fraud.
He sought a direction to the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) to file respective status reports with regard to the probe against banks and their officials in the case.
Bhushan said the instant case is “probably the largest corporate fraud in India’s history”.
The FIR was registered in 2025 though the fraud was going on since 2007-08, the lawyer alleged.
“We want a status report from the ED and the CBI on what they are investigating. Clearly, they are not probing the collusion by the banks,” he said.
“Issue notice… Returnable in three weeks. Let them file their replies,” the CJI said.
The PIL alleged systematic diversion of public funds, fabrication of financial statements and institutional complicity across multiple entities of the Anil Ambani-led Reliance ADAG.
It said the FIR registered by the CBI on August 21, along with the connected ED proceedings, addresses merely a small segment of the alleged fraud.
The petition claimed that despite detailed forensic audits flagging serious irregularities, neither agency is probing the role of bank officials, auditors or regulators, which the petitioner called a “critical failure”.
“Issue a Writ of Mandamus… Or direction directing a court-monitored investigation by the CBI and ED to conduct a thorough, impartial, and time-bound investigation into the financial fraud perpetrated by Respondent No. 4 (Anil Ambani) and Respondent No. 5 (ADAG),” the plea said.
It also sought a direction to the respondents for the constitution of a Special Investigation Team (SIT) comprising officers from the CBI and the ED to conduct a “thorough, impartial, and time-bound investigation”.
“Issue appropriate writ or direction that the investigation into the affairs of ADAG, its promoters/directors, and connected entities be monitored by this honourable court, so as to ensure that the probe is fair, independent, comprehensive, and free from any external influence, and that no aspect of the financial or criminal misconduct revealed in the forensic and audit reports is left outside the scope of inquiry,” it said.
The plea also sought a comprehensive, coordinated, and judicially-supervised probe, asserting that the ongoing investigations by the CBI and the ED were inadequate and “deliberately restricted” to a narrow FIR filed by the State Bank of India (SBI) in August 2025.
It said between 2013 and 2017, RCOM, Reliance Infratel (RITL) and Reliance Telecom (RTL) borrowed Rs 31,580 crore from a consortium of banks led by the SBI.
The SBI lodged the FIR on August 21, alleging criminal conspiracy, cheating, criminal breach of trust and misconduct involving an alleged loss of Rs 2,929.05 crore, it said.
The plea said the FIR was based on a forensic audit commissioned in 2019, covering suspicious fund flows, diversion of bank loans, fictitious transactions, and the alleged use of shell companies.
“The investigating agencies, in the present matter, have overlooked the five-year delay in filing the FIR by the bank, which clearly indicates involvement of bank officials and other public servants whose conduct enabled, concealed, or facilitated the fraud,” it said.
The CBI and the ED have entirely failed to investigate this institutional angle, and excluded from scrutiny the very public officials whose complicity or willful inaction forms an essential part of the criminal conspiracy, it said. PTI SJK ARI
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