New Delhi: The Supreme Court has said a detailed and in-depth investigation is necessary into allegations of a major bank fraud involving companies of the Anil Ambani-led Reliance (Dhirubhai Ambani) group. The CBI has told the court that banks suffered a loss of Rs 27,337 crore in the case.
The observations came while hearing a public interest petition filed by former IAS officer E.A.S. Sarma, which alleged bank fraud to the tune of around Rs 40,000 crore and sought a court-monitored investigation.
Senior advocate Prashant Bhushan, appearing for the petitioner, argued that CBI and Enforcement Directorate officials had acknowledged Anil Ambani’s role as the “brain” behind the alleged diversion, and questioned why he had not been arrested so far.
The bench, led by Chief Justice Surya Kant and Justice Joymalya Bagchi, said the court cannot direct an arrest unless investigating agencies seek it, and stressed that the focus should remain on collecting evidence rather than sensationalising the probe. The court said it would continue to monitor the investigation.
Solicitor General Tushar Mehta informed the court that nine FIRs have been registered, charge sheets filed in two cases, and investigations are ongoing in seven. He said searches were conducted at 14 locations, 3,960 key documents were seized, two arrests were made, and 31 lookout notices were issued to prevent suspects from fleeing abroad. Senior advocate Kapil Sibal, appearing for Anil Ambani, said his client is cooperating and suggested he may have been misled in the matter. The court directed that the probe be transparent, fair and time-bound, warning it would intervene if there is any slack, and posted the matter to July.
