Supreme Court Issues Fresh Notice to Anil Ambani in Alleged ADAG Fraud Case

The Supreme Court on Friday issued fresh notices to industrialist Anil Ambani and the Anil Dhirubhai Ambani Group (ADAG) in a case seeking a court-monitored investigation into alleged large-scale banking and corporate fraud involving the group and its companies.

The apex court made it clear that this would be the last opportunity for Anil Ambani and the ADAG to appear before the court and file their responses. The matter was heard by a bench comprising Chief Justice of India Surya Kant and Justice Joymalya Bagchi.

The petition, filed by former Union Secretary E A S Sarma, alleges systematic diversion of public money, manipulation of financial statements and institutional failure across multiple companies under the Anil Ambani-led group.

Court Seeks Updates From CBI, ED

During the hearing, the Chief Justice directed the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) to submit detailed status reports on their ongoing probes. The court said that if the investigations are still incomplete, the reports may be submitted initially in sealed covers.

Solicitor General Tushar Mehta, appearing for the central agencies, told the court that the reports must remain confidential to prevent the accused from gaining access to sensitive investigation details. The bench accepted the submission.

Fresh Notices, Compliance Report Ordered

The Supreme Court issued fresh notices to Anil Ambani and the ADAG and directed the Registrar General of the Bombay High Court to ensure proper service of the notices. The registrar has been asked to file a compliance report before the next hearing.

The matter has been listed for further hearing after 10 days.

Allegations of Massive Loan Diversion

The plea argues that the FIR registered by the CBI on August 21, along with the ED proceedings, covers only a small portion of the alleged fraud. It claims that investigative agencies have failed to probe the role of bank officials, auditors and regulatory bodies, calling it a serious lapse.

According to the petition, companies including Reliance Communications (RCOM), Reliance Infratel and Reliance Telecom raised loans worth Rs 31,580 crore between 2013 and 2017 from a consortium of banks led by the State Bank of India (SBI).

A forensic audit commissioned by SBI and received in October 2020 reportedly found large-scale diversion of funds, including the use of substantial amounts to repay loans unrelated to the sanctioned purposes. The petition claims these points to deliberate manipulation of accounts and falsification of financial records.

Bombay High Court Findings Cited

The petitioner has also cited a Bombay High Court ruling which, according to the plea, has already acknowledged findings of systematic fraud and diversion of funds within the group.

Advocates Prashant Bhushan and Pranav Sachdeva appeared for the petitioner before the Supreme Court.

With the court now tightening timelines and demanding accountability from both the accused and investigating agencies, the case is expected to draw closer scrutiny in the coming days.

Also Read: Supreme Court Keeps Revised Aravalli Definition on Hold, Seeks Expert Assessment