New Delhi. The Supreme Court on Thursday deferred the hearing of a Public Interest Litigation (PIL) concerning an alleged large-scale banking fraud linked to the Anil Dhirubhai Ambani Group (ADAG) to May 8. The petition seeks a court-monitored investigation into alleged loan irregularities exceeding ₹40,000 crore.
₹73,000 Crore Fraud Cloud Over ADAG
The matter is being heard by a bench comprising Chief Justice Surya Kant and Justice Joymalya Bagchi. The PIL has been filed by former bureaucrat E. A. S. Sarma, alleging large-scale misuse of public funds, diversion of bank loans, and systemic financial irregularities involving companies associated with the Anil Ambani-led group. The plea also seeks the constitution of a Special Investigation Team (SIT) under court supervision to ensure an independent probe.
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CBI, ED Status Reports Under Lens
During the hearing, the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) submitted fresh status reports before the court. Appearing for the petitioner, advocate Prashant Bhushan argued that the agencies had not taken substantive action against the individual identified as the alleged “kingpin” of the fraud.
Solicitor General Tushar Mehta, representing the agencies, submitted that detailed status reports had been filed and declined to comment on specific arrests or ongoing investigative decisions, stating that such matters fall within the domain of the investigating agencies.
Senior advocate Kapil Sibal, appearing for Anil Ambani, requested approximately 30 minutes of hearing, stating that he had key submissions that had not yet been placed before any court. The bench observed that all parties would be heard before any consideration of the status reports.
Earlier, the Supreme Court expressed concern about the manner of investigation and directed both the CBI and the ED to conduct a fair, transparent, and time-bound probe. The court also emphasized that all financial institutions must extend full cooperation to the investigating agencies to ensure an effective investigation.
₹73,000 Crore Alleged Bank Fraud: CBI Intensifies Probe into Seven Anil Ambani Group Firms
SIT, Asset Attachments and Arrests Deepen Probe
According to the government’s submission, a Special Investigation Team has already been constituted, comprising senior ED officials and financial experts from the banking sector. Authorities informed the court that assets worth approximately ₹15,000 crore have been attached so far, and four individuals have been arrested in connection with the case.
The status reports also indicated that the agencies are currently investigating multiple FIRs, with the CBI handling seven cases and the ED handling eight. The court observed that in several instances, loan settlements appeared to have been concluded at disproportionately low amounts, raising concerns over serious financial irregularities.
Supreme Court Pushes Hearing to May 8
The estimated total fraud amount, as per the ongoing assessment, could be as high as ₹73,000 crore. The court directed the investigating agencies to coordinate closely and conduct a comprehensive probe to reach a conclusive outcome. It also stressed the need for forensic auditing of financial transactions and a detailed review of documents related to banking consortia.
The PIL further alleges that between 2013 and 2017, Reliance Communications and related entities raised loans exceeding ₹31,000 crore from a consortium of banks led by the State Bank of India, which were allegedly misused. The petition also raises concerns over forged bank guarantees and fabricated financial documents.
The Supreme Court reiterated that investigating agencies must operate independently and without external pressure. It also observed that, in the event of a lack of cooperation from any government body, agencies are free to approach the court directly. The next hearing in the matter is scheduled for May 8.
