Supreme Court Delays Hearing in Multibillion Banking Fraud Case Involving Anil Ambani's Firms

The Supreme Court has postponed the hearing of a public interest litigation (PIL) involving alleged large-scale banking fraud by the Anil Dhirubhai Ambani Group (ADAG) until May 8. The case reportedly involves loan frauds exceeding Rs 40,000 crore, with multiple FIRs under investigation by central agencies.

The Supreme Court, on Thursday, postponed to May 8 the hearing of a PIL that alleges a significant banking fraud involving the Anil Dhirubhai Ambani Group (ADAG). Chief Justice Surya Kant and Justice Joymalya Bagchi heard the plea originally filed by E A S Sarma, a former bureaucrat, seeking a court-monitored investigation into loan fraud claims exceeding Rs 40,000 crore.

During the proceedings, Solicitor General Tushar Mehta, representing the CBI and the Enforcement Directorate (ED), confirmed that fresh status reports had been filed by both agencies, as per earlier court directions. Meanwhile, petitioner lawyer Prashant Bhushan expressed concern over the failure to arrest key figure Anil Ambani.

The hearing saw debate on CBI and ED's reluctance in the probe, and advocate Kapil Sibal, representing Ambani, requested more time to present undisclosed facts. The investigation continues, with assets worth Rs 15,000 crore attached and four arrests made. Alleged fraud figures span over Rs 73,000 crore, covering entities like Reliance Home Finance and Reliance Commercial Finance.