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Informist, Monday, Mar. 23, 2026

 

NEW DELHI – The Supreme Court Monday pulled up the Central Bureau of Investigation and the Enforcement Directorate for reluctance in probing the alleged bank fraud by the Anil Dhirubhai Ambani Group, its Chairman Anil Ambani, Reliance Communications Ltd., and related entities. "The way investigating agencies have shown reluctance, that's not acceptable," said a bench led by Chief Justice of India Surya Kant, noting a status report from the agencies estimating losses suffered by banks at INR 730 billion.

 

The apex court asked the probe agencies to complete the investigation in the most dispassionate, fair, transparent and independent manner and take the probe to a logical conclusion in a timebound manner. All concerned agencies and financial institutions are directed to extend full cooperation to the probe bodies and make available necessary information, said the top court.

 

The Supreme Court noted that a special investigation team had been formed by the Enforcement Directorate to probe the case. This was in line with an apex court order in February directing a constitution of a probe team for probing the case. The top court noted that the Central Bureau of Investigation had also appointed transaction auditors and arrests had been made in the course of the probe.

 

Anil Ambani had proposed to the court that it would settle the issue with the banks by repaying their dues. But he said banks were not willing to have a dialogue due to the pendency of the current case. "... we have not stopped anyone, and we know that the banks will open (for talks)--they will happily enter into one, because now that would be another way for them to wriggle out of the consequences, if any," said the court.

 

The court was hearing a public interest litigation filed by former government secretary E.A.S. Sarma, seeking a court-monitored probe into an alleged large-scale bank fraud by Anil Ambani and his companies.

 

In the present matter, the investigating agencies have overlooked the five-year delay in filing the first information report by State Bank of India, which clearly indicates involvement of bank officials and other public servants, whose conduct enabled, concealed or facilitated the fraud, said the petitioner. Despite being in possession of the 2020 forensic audit report, based on which the complaint was filed and which contains details about issues regarding diversion, evergreening, fictitious transactions and use of shell entities, SBI chose not to take statutory action till August 2025, the petitioner added.

 

The case relates to Reliance Communications Ltd. and its group entities, Reliance Infratel Ltd. and Reliance Telecom Ltd., borrowing INR 315.80 billion from a consortium of banks led by SBI between 2013 and 2017. SBI, through its deputy general manager Jyoti Kumar, registered the first information report on Aug. 21, 2025. The complaint alleged criminal conspiracy, cheating, criminal breach of trust and criminal misconduct by Reliance Communications, Anil Ambani and other unknown public servants and individuals. The first information report was based on a forensic audit report covering the 2013 to 2017 period.

 

On Monday, shares of state-owned SBI ended lower by 2.5% at INR 1,031.90 on the National Stock Exchange, and those of Reliance Communications ended down 4.5% at INR 0.85.  End 

 

Reported by Surya Tripathi

Edited by Ashish Shirke

 

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