The Supreme Court on Monday directed the CBI and the ED to complete the investigations into the alleged large-scale banking fraud involving Reliance Communications (R-Com), its group entities and Anil Ambani in a “dispassionate, fair, transparent and independent” manner.
A bench comprising Chief Justice Surya Kant and Justices Joymalya Bagchi and Vipul M. Pancholi took note of the submissions of solicitor-general Tushar Mehta, appearing for the Central Bureau of Investigation and the Enforcement Directorate, and directed all financial institutions concerned to "render full cooperation to the ED".
The bench recorded in its order based on the ED’s written submissions that debts worth ₹2,986 crore owed to several banks had been settled at ₹26 crore in the name of “insolvency proceedings” through eight non-banking financial companies and the ED had commenced investigations into the same.
The apex court had earlier issued notices to Anil Ambani and the Anil Dhirubhai Ambani Group (ADAG) to respond to the allegations levelled by former IAS officer E.AS. Sarma in a PIL that the authorities had not taken any action on the alleged embezzlement despite its detection way back in 2020.
Mehta, on Monday told the court that R-Com assets worth ₹15,000 crore had been attached and the ED had constituted an SIT comprising senior officers, forensic experts and officials from the Bank of Baroda.
Advocate Prashant Bhushan, appearing for Sarma, referred to a Sebi report and said it had been highlighted that there was a scheme devised to siphon off money and yet the CBI had not made any arrests so far.
“Arrests have been made, but we cannot make random arrests,” Mehta responded.
The CJI, however, remarked: “We cannot direct whom to arrest but, the way the investigating agency has shown reluctance is not acceptable. They should come out in a time-bound manner as to what has been found out. Your investigation should reveal what has been done and must inspire confidence not only in us but everybody.”
The top court in its order stated: “This is a case where senior functionaries of the investigating agencies must make vigorous attempts to unearth the irregularities/illegalities and the connivance of public functionaries if any…While we do not express any opinion on the allegations, all that we wish to say is that it is imperative upon and CBI and ED to complete the investigations in a most dispassionate, fair, transparent and independent manner take the ongoing investigations to the logical conclusion.”
The court adjourned the matter for four weeks.
On February 4, the apex court had recorded an undertaking from the Centre and Anil Ambani that the industrialist would not leave the country without the court’s permission and had asked the CBI and the ED to constitute an SIT to further probe the alleged embezzlement of public funds worth ₹1.50 lakh crore by Anil Ambani and the ADAG.
The court had also directed the agencies to examine the role of bank officials in the matter.