Supreme Court Agrees to Hear PIL for Court-Monitored Probe into Reliance Communications Fraud

The Supreme Court is set to hear a Public Interest Litigation for a court-monitored probe into an alleged Rs 20,000 crore fraud involving Reliance Communications and its promoter Anil Ambani. The plea emphasizes institutional complicity and calls for the investigation of bank, auditor, and regulator roles.

The Supreme Court on Monday decided to hear a Public Interest Litigation (PIL) that demands a court-monitored investigation into an alleged Rs 20,000 crore banking fraud involving Reliance Communications, its subsidiaries, and their promoter Anil Ambani.

Presented by lawyer Prashant Bhushan, the plea highlights financial misconduct within the Anil Ambani-led Reliance ADA Group, emphasizing systematic fund diversion and fabrication of financial reports. It alleges that current investigations fail to probe potential complicity by bank officials and regulators, a situation termed as a "critical failure" by the petitioner.

According to the PIL, substantial loans were secured by RCOM and its subsidiaries between 2013 and 2017, with audit reports later revealing significant fund diversion. The case also draws attention to the State Bank of India's delayed action, raising concerns about institutional complicity. The Supreme Court has agreed to list the matter for further examination.

(With inputs from agencies.)