Supreme Court Demands Probe into Alleged Massive Corporate Fraud by ADAG

The Supreme Court has asked the Centre, CBI, and ED to investigate alleged corporate fraud by ADAG. Lawyer Prashant Bhushan claims it's India's largest corporate fraud, implicating banks and officials. The petition seeks a comprehensive investigation by a Special Investigation Team supervised by the court.

In a landmark legal development, the Supreme Court has issued notices to the Centre, the Central Bureau of Investigation (CBI), the Enforcement Directorate (ED), Anil Ambani, and the Anil Dhirubhai Ambani Group (ADAG). The notices were prompted by a Public Interest Litigation (PIL) calling for a court-monitored investigation into an alleged significant banking and corporate fraud involving ADAG.

The bench, led by Chief Justice B R Gavai and Justice K Vinod Chandran, requested responses from the aforementioned parties within three weeks. Lawyer Prashant Bhushan, representing the petitioner and former Union secretary E A S Sarma, argued that the fraud, allegedly the largest in India's history, involves systemic failure by banks and public officials.

The PIL accuses ADAG of diverting public funds and fabricating financial statements, while state agencies are criticized for a narrow focus and lack of action on a detailed forensic audit highlighting severe irregularities. The plea calls for a comprehensive probe by a Special Investigation Team (SIT) to ensure a fair and exhaustive investigation.

(With inputs from agencies.)