SC seeks replies from Centre, CBI, ED and Anil Ambani on plea alleging massive fund diversion at RCom

Core Viewpoint - The Supreme Court has issued notices for a court-monitored investigation into alleged financial irregularities and fund diversion involving Reliance Communications and its former promoter Anil Ambani [1][5]. Group 1: Allegations and Investigations - A Public Interest Litigation (PIL) claims that Reliance Communications diverted bank loans amounting to tens of thousands of crores through complex transactions and manipulated accounts [2]. - The PIL alleges that banks delayed declaring accounts as fraudulent despite having forensic audit reports, raising concerns about oversight by lenders and regulators [2]. - The case is described as potentially the largest corporate fraud in India's history, with allegations of wrongdoing persisting for over a decade [3]. Group 2: Legal Proceedings - The Supreme Court has requested replies from the Union government, CBI, ED, and Anil Ambani within three weeks [1][5]. - The petition seeks a comprehensive investigation covering forensic audit materials, insolvency records, and other relevant documents [6]. - The PIL calls for inquiries under various laws, including the Indian Penal Code, Prevention of Corruption Act, and the Companies Act [7]. Group 3: Ongoing Scrutiny - Several Reliance Group companies linked to Anil Ambani are currently under investigation, with the CBI conducting searches related to a separate loan fraud case [8]. - The ED has expanded its money-laundering probe, raiding over 35 premises connected to more than 50 group companies [8]. - By November 2025, the ED had frozen assets worth ₹3,084 crore and attached land valued at ₹4,462 crore due to suspected laundering of bank loan proceeds [9]. Group 4: Company Response - Reliance Communications has referred to previous allegations of a ₹41,921-crore financial fraud, claiming these are part of a malicious campaign to tarnish its reputation [10][11]. - The company asserts that the allegations are orchestrated by corporate rivals with vested interests in acquiring Reliance Group assets [11].