Supreme Court Calls for Probes into Anil Ambani's Alleged Corporate Fraud

The Supreme Court has issued notices to Anil Ambani and his group regarding alleged banking and corporate fraud. A plea demands a court-monitored investigation by the CBI and Enforcement Directorate. The court also seeks responses and status reports on the investigations involving Anil Ambani's firms.

The Supreme Court acted on Friday by issuing fresh notices directed towards Anil Ambani and the Anil Dhirubhai Ambani Group (ADAG) concerning a public interest litigation (PIL) that calls for a court-supervised investigation into alleged major banking and corporate fraud.

The court, urging swift action, demanded that both the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) provide status reports detailing ongoing investigations within the next ten days. These agencies, guided by Solicitor General Tushar Mehta, are tasked with uncovering the extent of the alleged malfeasance.

Highlighting the seriousness of the case, the bench, led by Chief Justice Surya Kant and Justice Joymalya Bagchi, emphasized it was the last chance for Anil Ambani and ADAG to present their responses. Meanwhile, lawyer Prashant Bhushan, representing former Union secretary E A S Sarma, pointed out institutional failures and insisted on thorough investigations by the CBI and ED into the possible collusion of banks.