The Supreme Court expressed worry about delays in the Enforcement Directorate (ED) and CBI investigations into alleged bank loan frauds involving Reliance Communications Ltd (RCOM) and Anil Ambani. The court directed the ED to form a Special Investigation Team and urged both agencies to conclude the probe promptly. An undertaking was given that Anil Ambani would stay in the country during the investigation.
The Bench clarified it was not issuing coercive orders but emphasized the need for a swift and independent investigation. The court instructed the ED and CBI to submit detailed progress reports within four weeks. It questioned why only one FIR was filed despite complaints from multiple lenders, stressing the importance of examining each complaint separately.
The CBI reported registering an FIR based on an SBI complaint, with scrutiny on similar accounts in other banks. The court directed the CBI to investigate bank officials’ conduct for any connivance in releasing financial facilities. The ED highlighted findings of forged bank guarantees and ongoing examinations into investments made by Yes Bank in 2017.
