Supreme Court Issues Fresh Notices to Anil Ambani and ADAG on PIL Alleging Massive Banking and Corporate Fraud
In a recent development, the Supreme Court of India has issued fresh notices to Anil Ambani and the Anil Dhirubhai Ambani Group (ADAG) in response to a Public Interest Litigation (PIL) seeking a court-monitored investigation into an alleged massive banking and corporate fraud involving the company and its subsidiaries.
The top court has directed the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) to submit status reports on their ongoing probes into the alleged fraud within ten days. Solicitor General Tushar Mehta is representing the investigative agencies in this matter.
A bench comprising Chief Justice Surya Kant and Justice Joymalya Bagchi acknowledged that Anil Ambani and ADAG have already been served with notices related to the PIL filed by petitioner and former Union secretary E A S Sarma.
Previously, on November 18 last year, the bench had issued notices to the Central Government, CBI, ED, Anil Ambani, and ADAG regarding the PIL.
The bench has granted a final opportunity to Anil Ambani and ADAG to appear and submit their responses to the court.
Furthermore, the bench has instructed the Registrar General of the Bombay High Court to ensure that notices are served on Anil Ambani and ADAG, with a compliance report to be filed accordingly.
The next hearing for this plea has been scheduled after 10 days.
During the proceedings, lawyer Prashant Bhushan, representing petitioner Sarma, raised concerns about the alleged lack of investigation into the involvement of banks and their officials in the banking fraud.
Bhushan urged the CBI and ED to provide status reports regarding their inquiries into the banks and officials implicated in the case.
He emphasized that this case could potentially be the largest corporate fraud in India’s history and highlighted that while the FIR was filed in 2025, the fraudulent activities date back to 2007-08.
“We need clarity on the investigations being conducted by the ED and CBI. It appears that they are overlooking the collusion by the banks,” Bhushan stated.
The PIL alleges a systematic diversion of public funds, falsification of financial records, and complicity across various entities within the Reliance ADAG led by Anil Ambani.
It further points out that the FIR filed by the CBI and the related proceedings by the ED only scratch the surface of the extensive fraud scheme.
