The Supreme Court of India on Wednesday advised the Enforcement Directorate (ED) to constitute a Special Investigation Team (SIT) and take the ongoing probe into allegations of siphoning of public funds against Anil Ambani and companies linked to him to its logical conclusion.
A Bench comprising Chief Justice of India Surya Kant and Justices Joymalya Bagchi and Vipul M Pancholi noted unexplained delays in the investigation and stressed that the probe must move forward independently and without further delay. “We expect that the agencies must act independently and swiftly. Today we are not passing any harsh order,” the Bench observed, making it clear that no more delays would be tolerated.
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The Court said the scale of the alleged siphoning of public money warranted a serious and time-bound investigation and directed central agencies to file status reports within four weeks.
Court flags delay
During the hearing, the Court also took note of a sealed-cover report submitted by the Central Bureau of Investigation (CBI), which stated that a formal FIR related to the concerned account has been received by the State Bank of India.
The CBI informed the Bench that similar accounts in other banks are also under investigation.
The Court underlined the need to examine the role of bank authorities, particularly to determine why financial facilities were extended to the concerned entities. It directed the CBI to probe whether there was any nexus, connivance or conspiracy involving business entities, banks and public officials, and to take all lawful steps during the investigation.
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Appearing for the ED and CBI, Solicitor General of India Tushar Mehta submitted that the ED had already found material indicating forged bank guarantees. He said an ECIR has been registered against Reliance Communications Ltd and that investments made by Yes Bank in 2017 in Reliance Commercial Finance Ltd and Reliance Home Finance Ltd are under scrutiny. He added that transactions worth over ₹21,106 crore, involving funds availed from 33 banks and financial institutions, are being examined.
Prashant Bhushan, appearing for the petitioner in a PIL seeking a court-monitored SIT, argued that despite the scale of the alleged siphoning, the “kingpin” has not been arrested.
Senior advocate Mukul Rohatgi, appearing for Anil Ambani, said the group has been making efforts to repay dues and denied any siphoning, while Shyam Divan, appearing for group companies, pointed to affidavits detailing repayments. The Court clarified that willingness to repay does not exempt anyone from prosecution and said the matter will be heard again after four weeks, when status reports are submitted.
