The Supreme Court on Thursday deferred the hearing on a Public Interest Litigation (PIL) alleging large-scale banking fraud involving the Anil Dhirubhai Ambani Group (ADAG) and its associated companies, rescheduling the matter to May 8. The case involves allegations of financial irregularities exceeding ₹40,000 crore and seeks a court-monitored investigation into the matter.
A bench comprising Chief Justice Surya Kant and Justice Joymalya Bagchi was hearing the petition filed by former bureaucrat E A S Sarma. The PIL has called for a Special Investigation Team (SIT) probe into alleged loan frauds linked to ADAG firms led by industrialist Anil Ambani. The court was informed that both the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) had submitted fresh status reports as directed earlier.
During the hearing, Solicitor General Tushar Mehta, appearing for the probe agencies, confirmed that updated reports had been filed in compliance with the court’s March 23 directions. However, senior advocate Prashant Bhushan, representing the petitioner, argued that despite naming Anil Ambani as the “kingpin,” no arrest had yet been made in the case. The Solicitor General responded that decisions regarding arrests fall within the discretion of the investigating agencies.
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Senior advocate Kapil Sibal, appearing for Anil Ambani, requested the court to grant him 30 minutes to present submissions that he said had not been placed before any court previously. The Chief Justice assured that he would be heard before any cognisance of the status reports was taken.
The court reiterated its earlier stance expressing concern over what it described as reluctance by investigative agencies in probing the alleged fraud. It had previously directed the CBI and ED to carry out a fair, transparent, and time-bound investigation, while also instructing financial institutions to fully cooperate with the agencies.
According to the status reports reviewed by the court, the agencies are currently investigating multiple FIRs and have attached assets worth approximately ₹15,000 crore, while also reporting arrests of four individuals. The ED has alleged defaults running into thousands of crores in companies such as Reliance Home Finance and Reliance Commercial Finance, along with separate probes into Reliance Power over allegedly forged bank guarantees linked to solar energy contracts.
The court observed that the alleged total fraud under investigation may be as high as ₹73,000 crore, underscoring the scale of the case. It directed the agencies to continue coordinated efforts to ensure a thorough and independent probe, emphasizing that the investigation must reach a logical conclusion in a time-bound manner.
The PIL also alleges that fraudulent activities within ADAG companies spanned from 2007–08 onwards, involving diversion of public funds, manipulation of financial statements, and institutional lapses. The petition further seeks the formation of an SIT comprising senior officials from both the CBI and ED to ensure an impartial investigation into the matter.
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