New Delhi: The Supreme Court of India on Monday expressed strong displeasure over what it termed the “reluctance” of the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) in probing the alleged large-scale banking fraud involving the Anil Dhirubhai Ambani Group (ADAG), directing the agencies to carry out a “fair, dispassionate, transparent and time-bound” investigation.
A bench comprising Chief Justice Surya Kant and Justices Joymalya Bagchi and Vipul M Pancholi issued the directions while hearing a public interest litigation filed by former bureaucrat EAS Sarma, seeking a court-monitored probe into alleged loan frauds exceeding ₹40,000 crore by ADAG firms led by Anil Ambani.
The bench said the approach of the investigating agencies had not inspired confidence and stressed that the probe must reach a logical conclusion within a fixed timeline. It also directed financial institutions to extend full cooperation to the ED during the investigation.
During the hearing, Solicitor General Tushar Mehta informed the court that a Special Investigation Team (SIT) had been constituted, comprising senior ED officials and banking experts, in compliance with earlier directions. He said assets worth around ₹15,000 crore had already been attached and four individuals arrested so far.
However, senior advocate Prashant Bhushan, appearing for the petitioner, cited findings from the Securities and Exchange Board of India (SEBI) to argue that a systematic scheme to siphon funds existed, yet arrests remained limited.
Responding to the concerns, the court clarified that while it cannot direct agencies on whom to arrest, it expects a thorough and credible investigation. “The way reluctance has been shown is not acceptable,” the bench observed, adding that the findings must inspire public confidence.
The court noted that the CBI and ED are currently probing multiple FIRs and highlighted financial irregularities, including instances where loans exceeding ₹3,000 crore were allegedly settled for just ₹26 crore. It also observed that the estimated scale of the fraud could be around ₹73,000 crore.
The ED has alleged defaults of ₹7,500 crore in Reliance Home Finance and ₹8,200 crore in Reliance Commercial Finance, along with other irregularities, including forged bank guarantees linked to Solar Energy Corporation of India, causing losses exceeding ₹105 crore.
Senior advocate Mukul Rohatgi, appearing for Anil Ambani, told the court that the pendency of the case was affecting settlement talks with lenders. The bench, however, clarified that it had not restrained any such discussions.
The court has sought fresh status reports from the agencies and scheduled the next hearing after four weeks, reiterating that the investigation must proceed independently and without delay.
