The Supreme Court has requested sealed-cover status reports from the CBI and the ED regarding their investigations into alleged bank frauds involving Reliance Communications Ltd (RCOM), its group entities, and Anil Ambani. The agencies were directed by a Bench led by Chief Justice of India Surya Kant and Justice Joymalya Bagchi to update the court on the progress of the probes. The reports are to be submitted in sealed envelopes.
Advocate Prashant Bhushan, representing the petitioner, informed the court that over Rs 1.50 lakh crore of debt from RCOM and its affiliates had been written off. He alleged that funds were illicitly transferred through numerous shell companies, labeling the case as the “largest bank loan fraud in the country.” Despite earlier notices, neither Anil Ambani nor RCOM had appeared before the Supreme Court, prompting the Bench to grant them a final opportunity and issue fresh notices.
Earlier, on November 18, 2025, the apex court had issued notices to the Union government, Anil Ambani, and RCOM following a PIL seeking a court-monitored investigation into the alleged organized bank fraud. The plea called for the formation of a Special Investigation Team (SIT) comprising CBI and ED officers, arguing that only a judicially supervised probe could ensure a thorough and transparent investigation into the purported offenses.
The PIL alleged that the FIR filed by the CBI in August 2025 covered only a fraction of the financial irregularities, despite substantial evidence indicating fund diversion, fictitious transactions, and misuse of bank loans by RCOM and its affiliates. It further claimed that the lead lender, State Bank of India (SBI), waited five years to lodge an FIR despite possessing a detailed forensic audit report since 2020. The delay in taking legal action raised suspicions of collusion or deliberate intent to shield the borrower group, as per the plea.
