Anil Ambani Moves to Repay RCom Loans in Staggered Plan Amid Investigation Scrutiny
Anil Ambani offers staggered repayment of RCom loans as SC criticizes ED, CBI for slow investigation.
Indian businessman Anil Ambani has proposed a staggered repayment plan to settle outstanding bank dues related to the Reliance Communications fraud case, according to a report by Bloomberg. The proposal comes amid heightened scrutiny from federal investigative agencies and concern from the Supreme Court of India over delays in the ongoing investigation.
Ambani, through his lawyer Mukul Rohatgi, offered to hold discussions with the banks to implement the repayment plan. Rohatgi emphasized to the court that Ambani is not opposing the ongoing probe, but claimed that banks were reluctant to engage on the repayment proposal while investigations are active. The Chief Justice of India overseeing the bench clarified that the court had not prohibited any such discussions with the lenders.
Representing the investigative agencies, the Solicitor General of India opposed the repayment proposal, arguing that settling dues alone cannot resolve a criminal investigation. The court reviewed the current status of the probe and scheduled the next hearing for four weeks later.
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The Supreme Court has repeatedly expressed concern over delays in the investigation, describing the slow progress by the Central Bureau of Investigation (CBI) and Enforcement Directorate as “unacceptable.” The apex court directed the agencies to provide regular updates on their progress and stressed the need for a fair and timely investigation.
The probe, initiated by the ED following a CBI FIR last year, focuses on loans totaling more than ₹40,000 crore that RCom and its affiliates borrowed from Indian and foreign banks between 2010 and 2012. Five of these accounts have since been declared fraudulent by the lending banks. The investigation was originally launched following a complaint by the State Bank of India and subsequently expanded to include similar complaints from the Bank of Maharashtra, Bank of Baroda, and Bank of India.
As the case unfolds, Ambani’s staggered repayment proposal adds a new dimension to the legal proceedings, highlighting the ongoing tension between settling financial obligations and addressing alleged criminal wrongdoing. The Supreme Court will continue to monitor the investigation closely while balancing both the enforcement of legal accountability and potential resolution of outstanding dues.
Also Read: Anil Ambani to Cooperate Fully With CBI in SBI Loan Fraud Investigation
