Bank ‘fraud’ by Anil Ambani-led RCOM: SC seeks sealed-cover reports from CBI, ED; issues fresh notice

New Delhi: The Supreme Court on Friday sought sealed-cover status reports from the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) on their ongoing probes into alleged large-scale bank frauds linked to Reliance Communications Ltd (RCOM), its group companies, and promoter Anil Ambani.

A Bench of Chief Justice of India (CJI) Surya Kant and Justice Joymalya Bagchi directed the two Central agencies to apprise the top court of the progress made in the investigations.

The reports are to be submitted in a sealed envelope.

Appearing for the petitioner, advocate Prashant Bhushan submitted that more than Rs 1.50 lakh crore of debt of the RCOM and its group companies has been written off and alleged that funds were siphoned off through multiple shell companies. He described the case as the “largest bank loan fraud in the country.”

Bhushan added that neither Anil Ambani nor RCOM had entered an appearance before the Supreme Court despite notices being issued earlier. “This was highly reported in the media. It is not that they do not know. They are watching the proceedings,” he submitted. However, “in the interest of justice,” the CJI Kant-led Bench granted them a last opportunity and issued fresh notices, directing the Registrar General of the Bombay High Court to ensure service upon them.

Earlier, on November 18, 2025, the apex court had issued notices to the Union government, Anil Ambani and RCOM on the PIL seeking a court-monitored probe into the alleged “large-scale, organised bank fraud” by the company and its group entities.

The plea has sought the constitution of a Special Investigation Team (SIT) comprising officers from the CBI and the ED, contending that only a judicially supervised investigation can ensure a comprehensive, coordinated and transparent probe into the alleged offences.

As per the PIL, the FIR registered by the CBI in August 2025 covers only a fraction of the financial irregularities despite extensive material pointing to the diversion of funds, round-tripping, fictitious transactions, and systematic misuse of bank loans by RCOM and its group companies.

The plea alleged that the State Bank of India (SBI), the lead lender in a consortium that extended Rs 31,580 crore between 2013 and 2017, waited five years to lodge an FIR despite being in possession of a detailed forensic audit report since 2020.

“Despite being in possession of the 2020 Forensic Audit Report, based on which the complaint was filed which contains detailed issues regarding diversion, evergreening, fictitious transactions, and use of shell entities, the bank chose to take no statutory action until August 2025, a delay that cannot be explained without examining whether officers acted in collusion or with deliberate intent to shield the borrower group,” the plea stated.

“The five-year delay in filing the FIR by the bank clearly indicates involvement of bank officials and other public servants whose conduct enabled, concealed, or facilitated the fraud,” it added.

The PIL also sought the constitution of an expert committee under the supervision of the Supreme Court to recommend structural reforms in banking and regulatory oversight.

–IAN