SC raps CBI, ED over probe delay in bank fraud case against Anil Ambani, ADAG

Irked over the "unexplained delay" in the investigation into the alleged banking and corporate fraud to the tune of Rs 40,000 crore involving Anil Dhirubhai Ambani Group (ADAG), Anil Ambani and group companies, the Supreme Court on Wednesday (February 4) chided the CBI and ED directing the central agencies to conduct a “fair”, “prompt” and “dispassionate probe into the case.

Representing Anil Ambani, senior advocate Mukul Rohatgi, assured the top court that he will not leave the country without its prior nod when PIL petitioner and former bureaucrat EAS Sarma apprehended that he may flee.

SC seeks status report from ED, CBI

During the hearing, a bench of Chief Justice Surya Kant and Justices Joymalya Bagchi and Vipul M Pancholi sought fresh status reports in four weeks from the CBI and ED regarding the progress made in the ongoing investigation against Ambani and ADAG firms.

Also Read: CBI books Anil Ambani’s firms, son Jai Anmol in Rs 14,852-cr bank fraud case

"Both ED and CBI have already taken time, and we therefore expect that both agencies will act promptly," the bench said as it instructed the ED to constitute an SIT comprising senior officers to take the probe against ADAG and others to a logical conclusion promptly.

The development took place during the hearing of a PIL alleging systematic diversion of public funds, fabrication of financial statements and institutional complicity across multiple entities of the Anil Ambani-led Reliance ADAG.

The bench took note of the appearances made by Anil Ambani and ADAG through senior lawyers Rohatgi and Shyam Divan and granted them four weeks to file responses to the PIL.

Bench unhappy with CBI’ procedural approach

Expressing displeasure over the CBI’s procedural approach, the bench stated that the agency had registered only one FIR in 2025 based on a complaint from the State Bank of India (SBI), despite receiving subsequent complaints from various other financial institutions.

Also Read: ED attaches more assets of Anil Ambani worth Rs 1,400 crore in PMLA case

“The approach adopted by the CBI does not seem to be in conformity with procedural law,” the CJI said, adding that each bank’s complaint constitutes a separate transaction and warrants an independent FIR.

Asks CBI to expand probe

Furthermore, the bench directed the CBI to expand the scope of its probe to include the potential "collusion" of bank officials.

"Both ED and CBI have already taken time, and we therefore expect that both agencies will act promptly," the bench said.

During the hearing of the PIL of Sarma, advocate Prashant Bhushan urged the court to restrain the ADAG chairman from leaving the country, citing instances of other high-profile defaulters fleeing the country.

Look out notice against Anil Ambani

Pointing out that Look Out Circulars had already been issued against Ambani, Solicitor General Tushar Mehta informed the bench that the total amount allegedly siphoned off through various ADAG companies is approximately Rs 40,000 crore.

Also Read: Anil Ambani offers to appear 'virtually' after ED summons in FEMA case

The bench, referring to the affidavit of the ED, and said the loans of Reliance Communications exceeded Rs 40,000 crore and the probe agency assessed the "proceeds of crime" at over Rs 20,000 crore. Assets worth Rs 8,078 crore have already been provisionally attached, the ED said.

What ED said

The ED alleged defaults of Rs 7,500 crore in Reliance Home Finance and Rs 8,200 crore in Reliance Commercial Finance, citing "large-scale diversion of public funds." On Reliance Power, the ED’s report, recorded by the bench, said the agency is investigating the submission of forged bank guarantees to the Solar Energy Corporation of India, which caused a loss of over Rs 105 crore.

Also Read: ED attaches Anil Ambani's assets worth over Rs 3,000 cr in money laundering case

Bhushan pointed out that Reliance Communications, despite having debts of Rs 47,000 crore, was sold for a mere Rs 430 crore, roughly 1 per cent of its value, to a company belonging to Anil Ambani’s brother.

"The Insolvency and Bankruptcy Code is being misused like anything," the CJI said.

Senior advocate Shyam Divan, appearing for ADAG, said that two group companies, Reliance Power and Reliance Infrastructure, had already repaid Rs 20,000 crore.

“There is no question of siphoning. These companies are in the nature of paying back,” Divan said.

(With agency inputs)