The Supreme Court on Thursday deferred the hearing on a Public Interest Litigation (PIL) alleging a massive banking fraud involving the Anil Dhirubhai Ambani Group (ADAG) to May 8. During the proceedings, the bench emphasized the need for a “fair, dispassionate, transparent, and time-bound” investigation into allegations that the total fraud amount across various entities could reach an estimated ₹73,000 crore.
The bench, comprising Chief Justice Surya Kant and Justice Joymalya Bagchi, is presiding over a PIL filed by former bureaucrat E A S Sarma. The petition seeks a court-monitored investigation into systemic loan defaults and the alleged diversion of public funds by ADAG firms led by industrialist Anil Ambani.
At the start of the hearing, Solicitor General Tushar Mehta, representing the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED), submitted fresh status reports following the court’s previous directions on March 23.
Advocate Prashant Bhushan, appearing for the petitioner, raised concerns over the pace of the investigation. “The CBI and the ED have filed status reports. The kingpin has not been arrested. Anil Ambani was identified as the kingpin. But nothing has been done yet,” Bhushan told the court.
In response, the Solicitor General declined to comment on specific individuals, stating, “I cannot respond as to why ‘X’ or ‘Y’ is not arrested. We have filed our status reports.”
Senior advocate Kapil Sibal, representing Anil Ambani, requested a 30-minute window to address the bench. Sibal noted that he had information to share that “has not been apprised to any court so far.”
Chief Justice Surya Kant assured that the defense would be heard before any final conclusions were drawn from the status reports, noting that the court’s primary objective is to ensure “transparency and impartiality” in the ongoing probe.
The court’s observations highlighted the staggering scale of the financial irregularities being investigated. Key details from the proceedings include:
- Total Estimated Fraud: While the PIL initially cited figures exceeding ₹40,000 crore, the bench noted that the total fraud amount is now estimated to be around ₹73,000 crore.
- Asset Recovery: The ED has attached assets worth approximately ₹15,000 crore and arrested four individuals, including senior officials.
- Settlement Discrepancies: The bench pointed out a specific instance where a loan amount of more than ₹3,000 crore was apparently settled for a mere ₹26 crore.
- Specific Defaults: The ED is investigating defaults of ₹7,500 crore in Reliance Home Finance and ₹8,200 crore in Reliance Commercial Finance, alleging “large-scale diversion of public funds.”
- Reliance Power: The probe includes the submission of forged bank guarantees to the Solar Energy Corporation of India, causing a loss of over ₹105 crore.
The Supreme Court previously expressed displeasure over what it termed “reluctance” by central agencies to probe the matter. To address this, a Special Investigation Team (SIT) comprising senior ED officers and financial experts has been constituted.
“The investigating agencies must join hands and find out the issue,” the bench observed. “We impress upon the CBI and the ED that the probe be completed most dispassionately and independently so that it is taken to a logical conclusion in a time-bound manner.”
The Solicitor General assured the court that “no stone shall be left unturned to unearth the truth.”
The PIL alleges that between 2013 and 2017, ADAG entities—including RCOM, Reliance Infratel, and Reliance Telecom—borrowed ₹31,580 crore from a consortium of banks led by the State Bank of India. The petitioner claims there was a systematic diversion of public funds and fabrication of financial statements dating back to 2007-08, despite the FIR being registered only in 2025.
As a precautionary measure, Anil Ambani has previously assured the court that he will not leave the country without prior permission.
