The Supreme Court issued fresh notices to Anil Ambani and ADAG on a PIL alleging massive banking and corporate fraud. The court directed the CBI and Enforcement Directorate to submit sealed status reports within 10 days on their ongoing probes.
-1769160044451_d.png "Supreme Court tackles “largest corporate fraud in India” involving Anil Ambani Group")
Anil Ambani, ADAG get last chance to respond in court-monitored fraud probe. File Pic
The Supreme Court on Friday issued fresh notices to Anil Ambani and the Anil Dhirubhai Ambani Group (ADAG) on a PIL seeking a court-monitored probe into alleged massive banking and corporate fraud involving the firm and its group companies.
As reported by news agency PTI, the apex court on Friday asked the CBI and the Enforcement Directorate to file status reports in sealed cover in ten days on their ongoing probes into the alleged fraud. The arguments on behalf of the ED and the CBI were put up by Solicitor General Tushar Mehta.
A bench comprising Chief Justice Surya Kant and Justice Joymalya Bagchi took note of the fact that Anil Ambani and the ADAG had already been served with the notices of the PIL filed by petitioner and former Union secretary E A S Sarma.
Earlier the bench issued notices to probe agencies and Anil Ambani
Earlier on November 18, 2024, the bench issued notices to the Centre, CBI, ED, Anil Ambani, and ADAG on the PIL. The bench, while issuing the notice, stated that it was granting the last opportunity to Anil Ambani and the ADAG to appear and file their responses in the case.
Furthermore, the bench asked the Bombay High Court's Registrar General to ensure service of notices on Anil Ambani and the ADAG and file a compliance report. Following the issuing of the notices, the Bench then fixed the plea for hearing after 10 days.
Earlier, the bench took note of the submissions made by lawyer Prashant Bhushan, appearing for petitioner Sarma, and sought the replies of the parties. within three weeks. However, the bench posted the PIL for further hearing after three weeks.
Bhushan alleged that the probe agencies are not investigating the alleged complicity of banks and their officials in the huge banking fraud.He later directed the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) to file respective status reports with regard to the probe against banks and their officials in the case.
Bhushan submitted that the instant case is "probably the largest corporate fraud in India's history," as per PTI. In reply, the lawyer said that the FIR was registered in 2025, though the fraud had been going on since 2007-08.
He asserted, "We want a status report from the ED and the CBI on what they are investigating. Clearly, they are not probing the collusion by the banks, as per PTI.
The PIL alleged systematic diversion of public funds, fabrication of financial statements, and institutional complicity across multiple entities of the Anil Ambani-led Reliance ADAG.
(With inputs from PTI)
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