SC asks CBI, ED to conduct fair, prompt probes against ADAG, firms in banking fraud cases

The Supreme Court on Wednesday directed the CBI and the ED to conduct a “fair”, “prompt” and dispassionate probe into alleged massive banking and corporate fraud involving the Anil Dhirubhai Ambani Group (ADAG), Anil Ambani and the group companies.

A bench comprising Chief Justice Surya Kant and Justices Joymalya Bagchi and Vipul M Pancholi sought fresh status reports in four weeks from the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) on the progress made by them in the ongoing investigation against Ambani and ADAG firms.

Observing that the probe agencies have already taken time to start the probe, the bench asked the ED to constitute a SIT comprising senior officers to probe the ADAG and others.

The bench took note of the appearances made by Anil Ambani and ADAG through senior lawyers Mukul Rohatgi and Shyam Divan and granted them four weeks time to file responses to the PIL.

Rohatgi opposed the submission seeking a court direction to ensure that Ambani does not flee the country and assured the bench that he will remain in India.

He said that Ambani will not leave without the leave of this court.

Solicitor General Tushar Mehta, appearing for the probe agencies, said there are various look out circulars issued to ensure that the person concerned does not go out of the country.

Earlier, the bench had asked the CBI and the ED to file status reports in a sealed cover in the case.

On November 18, the bench issued notices to the Centre, CBI, ED, Anil Ambani and ADAG on the PIL.

The bench, however, said it was granting them one last opportunity to appear and file their responses in the case.

The PIL filed by EAS Sarma alleged systematic diversion of public funds, fabrication of financial statements and institutional complicity across multiple entities of the Anil Ambani-led Reliance ADAG.