The Supreme Court on Friday said allegations of large-scale banking fraud involving the Anil Dhirubhai Ambani Group require a “thorough investigation”, even as the CBI informed the court that losses in seven ongoing cases are estimated at around ₹27,337 crore.
A Bench headed by Chief Justice Surya Kant and Justice Joymalya Bagchi was hearing a PIL filed by former bureaucrat E A S Sarma seeking a court-monitored probe into alleged loan frauds exceeding ₹40,000 crore by firms linked to industrialist Anil Ambani.
The Central Bureau of Investigation told the court that nine FIRs have been registered in the matter, with investigations ongoing in seven cases and charge sheets filed in two.
Appearing for the petitioner, advocate Prashant Bhushan said it was “puzzling” that probe agencies had described Ambani as a “kingpin” in a ₹27,000-crore scam but had not arrested him. “Neither the CBI nor the ED is willing to arrest him as if he is a holy cow,” he argued.
The Bench, however, underlined that courts are generally reluctant to direct arrests, observing that the need for custodial interrogation must be left to the discretion of investigating agencies. It cautioned against “sensationalising” the probe and emphasised that focus should remain on gathering evidence.
“On the one hand, we want to develop jurisprudence… and if on the other hand we activate the investigating agencies like bloodhounds, it will be contrary to the law we are laying down,” the Bench observed.
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The court indicated that it may monitor the investigation and stressed the need for a time-bound probe to maintain public confidence.
Senior advocate Kapil Sibal, appearing for Ambani, questioned how the petitioner accessed a charge sheet that has not yet been taken cognisance of by a trial court, asserting that Ambani has been cooperating fully. “Maybe I (Ambani) was cheated,” Sibal submitted.
Representing the agencies, Solicitor General Tushar Mehta said multiple teams were formed for a speedy investigation, searches were conducted at 14 locations, and around 3,960 documents collected. He added that 31 look-out circulars have been issued and two persons arrested so far.
The court posted the matter for further hearing in July.
Earlier, the apex court had expressed displeasure over the “reluctance” of the CBI and the Enforcement Directorate in probing the alleged fraud and directed a “fair, dispassionate, transparent and time-bound” investigation.
The ED has alleged defaults of ₹7,500 crore in Reliance Home Finance and ₹8,200 crore in Reliance Commercial Finance, along with other irregularities, including alleged diversion of public funds.
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