SC Directs ED to Form SIT in Anil Ambani Bank Fraud Case, Flags Delay

Hearing a plea seeking a court-monitored investigation, the Supreme Court examined allegations of large-scale financial misconduct linked to companies of the Anil Ambani group under the Prevention of Money Laundering Act (PMLA), 2002, and the Foreign Exchange Management Act (FEMA), 1999.

The bench, headed by Justice Surya Kant, observed that the scale of alleged fund diversion warranted closer monitoring and directed the ED to form a dedicated SIT comprising senior officials. The court emphasised that investigative agencies must act impartially and without delay.

₹40,000 Crore Siphoning Under Scrutiny

Appearing for the Centre, Solicitor General Tushar Mehta informed the court that the investigation currently focuses on alleged siphoning of around ₹40,000 crore. He told the bench that the first case was initiated based on a complaint by the State Bank of India, following which other banks flagged suspected fund diversion and related irregularities.

During the hearing, the bench questioned whether separate complaints filed by banks constituted distinct offences requiring individual FIRs. Responding to this, the Solicitor General said multiple inputs from lenders had emerged over time, prompting a broader investigation.

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Court Flags Delay, Seeks Accountability

The Supreme Court expressed concern over what it described as an unexplained delay in the progress of the investigation. The bench directed the ED to submit monthly status reports and a comprehensive final report after three months, underscoring the need for transparency and steady progress.

The court said it expects investigating agencies to pursue the matter strictly in accordance with the law and ensure accountability, given the magnitude of the alleged financial irregularities.

During the proceedings, the issue of potential flight risk was raised. The court recorded an assurance that Anil Ambani will not leave the country without prior permission, noting the submission while passing its directions.

The matter relates to alleged bank loan irregularities and suspected diversion of funds involving multiple group entities, which are currently under examination by central investigative agencies. The plea before the Supreme Court sought the constitution of an SIT, arguing that the complexity and scale of the case required a focused and coordinated probe.

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