Supreme Court Demands Swift Action on Anil Ambani's Alleged Fraud

The Supreme Court orders CBI and ED to execute a fair and fast investigation into Anil Ambani's alleged fraud of Rs 40,000 crore with ADAG companies. The court seeks fresh reports and has ordered a broader probe into possible bank collusions. The case is marked as potentially India's largest corporate fraud.

The Supreme Court on Wednesday ordered the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) to conduct an impartial and swift probe into allegations of massive banking and corporate fraud involving the Anil Dhirubhai Ambani Group (ADAG), Anil Ambani, and other associated companies.

Represented by senior advocate Mukul Rohatgi, Anil Ambani assured the court he will not leave India without prior permission, amid fears expressed by PIL petitioner EAS Sarma of potential flight risk. A bench comprising Chief Justice Surya Kant and Justices Joymalya Bagchi and Vipul M. Pancholi required updated investigative reports from the agencies within four weeks.

Concerns over CBI's procedures were raised as the agency had lodged only one FIR despite multiple complaints from financial institutions. The court also ordered CBI to consider the participation of bank officials in the scandal. With a suspected fraud of Rs 40,000 crore, allegedly the largest in India's history, assets worth Rs 8,078 crore have been temporarily seized, and further investigations are underway. The ED is examining money diversion and false bank guarantees.

(With inputs from agencies.)