Supreme Court unhappy over CBI, ED ‘reluctance’ against Anil Ambani firms, calls for ‘fair, dispassionate’ investigation

Core Viewpoint - The Supreme Court of India has expressed dissatisfaction with the investigative agencies' reluctance to probe the alleged large-scale banking fraud involving the Anil Dhirubhai Ambani Group, directing them to conduct a thorough and timely investigation [1][3][7]. Investigation Progress - The Supreme Court has mandated the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) to conduct a fair and transparent investigation into the alleged fraud, which involves over ₹40,000 crore in loans [3][4]. - A Special Investigative Team (SIT) has been formed, and assets worth ₹15,000 crore have been attached, with four arrests made, including senior officials [4][6]. - The CBI and ED are currently investigating seven and eight first information reports (FIRs) respectively, with an estimated total fraud amount of around ₹73,000 crore [6][7]. Allegations and Financial Details - The allegations include systematic diversion of public funds, fabrication of financial statements, and institutional complicity across multiple entities of the Anil Ambani-led Reliance ADAG [12]. - Specific defaults have been cited, including ₹7,500 crore in Reliance Home Finance and ₹8,200 crore in Reliance Commercial Finance, attributed to large-scale diversion of public funds [9]. - The ED is also investigating the submission of forged bank guarantees related to Reliance Power, resulting in a loss exceeding ₹105 crore [10]. Legal Proceedings and Responses - The Supreme Court has allowed the investigative agencies to approach it if there is any reluctance from other government bodies in providing cooperation [3]. - The court has not prevented any consultations between Anil Ambani and lending banks, despite the ongoing public interest litigation (PIL) [8]. - The PIL alleges that the FIR registered by the CBI addresses only a small segment of the alleged fraud, calling for a more comprehensive investigation [12].