The Supreme Court highlighted the necessity of a coordinated and prompt investigation into alleged bank frauds involving Anil Ambani’s Reliance Communications (RCom) and its affiliates. The bench, led by Chief Justice of India Surya Kant, stressed the importance of investigating agencies like the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) working together transparently. It was noted that the investigation should be time-bound to instill confidence in both the court and the public.
The apex court underlined the significance of revealing the actions taken and the findings of the investigation, expressing dissatisfaction with any reluctance from the agencies involved. While the court raised concerns about the progress of the investigation, it clarified that it could not order arrests in the case. During the proceedings, it was mentioned that despite available evidence, no arrests had been made by the CBI in the matter.
Solicitor General Tushar Mehta, representing the probe agencies, informed the court that arrests had been conducted and assets worth approximately Rs 15,000 crore had been seized. The court allowed the ED to submit a second status report and instructed all relevant financial institutions to cooperate fully with the agency. The case, revolving around alleged financial irregularities and loan fraud by RCOM and its affiliates, has been scheduled for further hearing in four weeks.
