Top court flags nexus with bank officials in Rs.40,000 Cr Anil Ambani loan case
Supreme Court on Wednesday directed the Enforcement Directorate (ED) to constitute a Special Investigation Team (SIT) dedicated to investigating allegations of large-scale bank fraud by Reliance Communications (RCOM), its group entities, and Anil Ambani. The apex court ordered CBI to probe into the nexus and collusion with bank officials in siphoning and diverting the bank loans of more than Rs.40,000 crore by Anil Ambani’s firms.
A Bench of Chief Justice of India (CJI) Surya Kant and Justices Joymalya Bagchi and Vipul Pancholi passed the order. “ED is well advised to constitute a SIT comprising senior officers and take all the measures so that the ongoing probe is taken to a logical conclusion,” the Court said.
“It is imperative for CBI to probe the conduct of bank officials to check if funds were released with the collusion of bank officers. We direct that … the CBI must look into the nexus, collusion, conspiracy, if any, and for that purpose, all lawful measures to take the investigation to its logical end (must be) adopted,” the Court’s order stated.
The apex court was hearing the petition filed by retired Government Secretary EAS Sarma. Representing Sarma, Prashant Bhushan pointed out that the FIR was registered only in 2025, when the bank frauds came on public domain in 2020. “First arrest was affected yesterday. This is the largest corporate fraud. Anil Ambani’s companies, having bank dues of more than Rs.47,000 crore was taken over by brother Mukesh Ambani for just Rs.430 crore, argued Bhushan. “The Insolvency and Bankruptcy Code is being misused like anything,” the CJI said.
Voicing displeasure over the “unexplained delay” in investigations, the Court directed the CBI and the ED to conduct a “fair“, “prompt” and “dispassionate probe into massive banking and corporate fraud to the tune of Rs.40,000 crore. Anil Ambani, represented by senior advocate Mukul Rohatgi, assured the top court that he will not leave the country without its prior nod.
Solicitor General Tushar Mehta informed the bench that Look Out Circulars had already been issued against Ambani. The Solicitor General informed the bench that the total amount allegedly siphoned off through various ADAG companies is approximately Rs.40,000 crore.
“Both ED and CBI have already taken time, and we therefore expect that both agencies will act promptly,” said the bench. 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.
The ED said 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.
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