New Delhi, India — March 23, 2026
India’s Supreme Court on Monday expressed strong concern over the pace and conduct of investigations by the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) in a massive alleged banking fraud case linked to the Anil Dhirubhai Ambani Group (ADAG).
Hearing the matter, the apex court emphasized that the probe must be fair, transparent, and time-bound, making it clear that any delay in such a high-value case would not be tolerated.
Court Questions Investigation Approach
The bench underscored that investigative agencies must inspire public confidence through their actions. It criticized what appeared to be reluctance in pursuing the case aggressively.
Solicitor General Tushar Mehta informed the court that a Special Investigation Team (SIT) has been constituted, comprising senior ED officials and banking experts.
According to submissions made in court:
- Assets worth ₹15,000 crore have been attached so far
- Four individuals have been arrested
- Multiple FIRs are currently under investigation
The court also directed all financial institutions to extend full cooperation to the ED.
₹73,000 Crore Fraud Allegations
The case revolves around alleged large-scale loan fraud involving companies under the ADAG umbrella.
The court was told that the total suspected fraud could amount to nearly ₹73,000 crore, highlighting the scale and seriousness of the matter.
In one instance presented before the court, a loan exceeding ₹3,000 crore was reportedly settled for just ₹26 crore, raising serious concerns about financial irregularities and accountability.
Concerns Over Lack of Progress
Senior advocate Prashant Bhushan, representing the petitioner, argued that findings from a SEBI report indicated systematic diversion of funds. However, he pointed out that no major arrests had been made by the CBI so far.
Responding to this, the court clarified that while it cannot dictate who should be arrested, it will not accept investigative delays.
“The outcome of the investigation must instill confidence among the public,” the bench observed.
Details of Ongoing Investigations
The ED informed the court of multiple financial irregularities under scrutiny:
- Reliance Home Finance: Default of approximately ₹7,500 crore
- Reliance Commercial Finance: Default of around ₹8,200 crore
- Reliance Power case: Alleged fake bank guarantee causing a loss of ₹105 crore
Investigators have reportedly gathered key documents and financial records as part of ongoing probes.
Defense by Anil Ambani
Senior advocate Mukul Rohatgi, appearing for Anil Ambani, argued that ongoing investigations have made banks hesitant to engage in settlement discussions, complicating debt resolution efforts.
However, the court clarified that it has not imposed any restriction on such negotiations.
Ambani has also assured the court that he will not leave the country without prior permission.
What Happens Next?
The Supreme Court has directed investigative agencies to submit a fresh status report within four weeks.
It reiterated that the investigation must remain independent and unbiased, and reach a logical conclusion.
The court also stated that if any government body fails to cooperate, agencies may approach the court directly for intervention.
The next hearing in the case is scheduled after four weeks.
