The Supreme Court of India on Friday issued fresh notices to industrialist Anil Ambani and his flagship group, the Anil Dhirubhai Ambani Group (ADAG), in connection with a public interest litigation (PIL) alleging large-scale banking and corporate fraud involving the group and its companies.
The bench, led by Chief Justice Surya Kant and Justice Joymalya Bagchi, directed the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) to file sealed status reports within ten days on their ongoing investigations into the matters flagged in the PIL.
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Court Grants Last Opportunity to Respond
During the hearing, the apex court observed that notices had already been served earlier on Ambani and ADAG in this case, which was originally filed on November 18, 2025, by former Union Secretary E A S Sarma. The bench said the new notices represented a final opportunity for Ambani and ADAG to appear before the court and file their formal responses to the allegations.
The court also instructed the Registrar General of the Bombay High Court to ensure that the notices are duly served on all concerned parties and to file a compliance report before the next hearing, which has been scheduled after ten days.
What the PIL Alleges
The PIL contends that ADAG and its group entities were involved in systematic diversion and misuse of public funds and engaged in fraudulent banking and corporate practices over a prolonged period. Advocate Prashant Bhushan, appearing for Sarma, argued that probe agencies have not adequately examined the alleged complicity of banks, auditors and officials in the purported fraud.
In submissions before the court, Bhushan described the case as “probably the largest corporate fraud in India’s history,” claiming that while an FIR was registered by the CBI in 2025 based on an SBI complaint, the underlying fraud may have dated back decades. The petitioner has sought a court-monitored investigation to ensure a thorough and impartial probe.
Probe Agencies Asked for Reports
The Supreme Court’s order explicitly asked the CBI and ED to provide detailed status reports in a sealed cover within ten days on their ongoing inquiries related to the alleged misconduct involving ADAG and its companies. The move follows concerns raised by the petitioner about the adequacy and direction of existing investigations.
Background to the Case
Earlier in the legal process, notices were issued to the Centre, CBI, ED, Anil Ambani, and ADAG on the PIL last November. At that stage, the court had sought replies from all parties but did not complete the hearing. The fresh notices now mark a renewed push by the apex court to secure responses and push forward with judicial scrutiny of the matter.
The petitioner has argued that the alleged series of irregularities includes falsification of financial records, diversion of bank funds, and possible collusion with institutional stakeholders. The controversy also ties into broader debates about how enforcement agencies have handled the case and the need for greater transparency.
What Happens Next
With the Supreme Court directing status reports from enforcement agencies and giving the parties time to respond, the next hearing — set for about ten days from now — is likely to focus on the contents of those sealed reports and the court’s assessment of whether investigations are proceeding adequately.
Legal observers say the case could have far-reaching implications for corporate governance, regulatory oversight, and accountability in India’s financial and corporate sectors, particularly if the court decides to expand the scope of judicial supervision over ongoing probes.
About the author – Rehan Khan is a law student and legal journalist with a keen interest in cybercrime, digital fraud, and emerging technology laws. He writes on the intersection of law, cybersecurity, and online safety, focusing on developments that impact individuals and institutions in India.
