Supreme Court Orders Centre, CBI, ED & Anil Ambani To Reply On RCom Fraud

The Supreme Court on Tuesday took cognisance of serious allegations of bank fraud involving Reliance Communications (RCom) and issued notices to the Central government, Central Bureau of Investigation (CBI), Enforcement Directorate (ED) and industrialist Anil Ambani.

Prashant Bhushan Argues for Court-Monitored Investigation

Senior advocate Prashant Bhushan, appearing for former Union Secretary E.A.S. Sarma, urged the bench to order a court-supervised probe, saying investigative agencies have failed to touch the role of banks and their officials despite clear evidence of collusion.

As sources told Republic, the petition claims that despite clear evidence emerging from multiple forensic audits, investigating agencies and banks delayed action for years.

The matter was heard by a two-judge bench headed by Chief Justice B.R. Gavai and Justice Vinod Chandran, which directed all respondents to file their replies within three weeks.

Long-Delayed Action on Alleged Multi-Crore Bank Fraud

The PIL claims the fraud at Anil Ambani-led Reliance ADA Group entities began as far back as 2007-08, with systematic siphoning of bank funds through shell companies and fabricated accounts.

Sources said multiple forensic audits over the years had red-flagged large-scale diversion of funds, yet the CBI registered an FIR only on August 21, 2025, more than 17 years after the alleged irregularities began.
Even that the FIR and the related ED case cover only a fraction of the total fraud, the petition argues.

Banks Accused of Turning a Blind Eye

The petition directly points fingers at public sector banks, especially State Bank of India (SBI), for allegedly sitting on a damaging forensic audit report submitted in 2020 for nearly five years without taking action.

The PIL further seeks a comprehensive investigation into the role of bank officials and regulators under the Prevention of Corruption Act, in addition to offences under the Indian Penal Code, Prevention of Money Laundering Act (PMLA), Foreign Exchange Management Act (FEMA), Companies Act and Insolvency and Bankruptcy Code (IBC).

The Bombay High Court had earlier acknowledged evidence of systematic fraud in the same matter, the plea highlighted.

Also Read: Bombay HC Dismisses Anil Ambani's Plea Against SBI's Loan 'Fraud' Declaration

Why a Supreme Court-Monitored Probe is Being Sought

Petitioner E.A.S. Sarma insisted that only a Supreme Court-supervised investigation can ensure accountability in a case that involves high-profile individuals, public sector banks and regulatory lapses spanning nearly two decades.