Top court to review fresh status reports filed by probe agencies amid concerns over investigation pace
New Delhi, April 30: The Supreme Court of India on Thursday adjourned the hearing of a petition seeking a probe into an alleged large-scale bank fraud case involving Anil Ambani and his company Reliance Communications. The matter was deferred after the court took on record fresh status reports submitted by central investigative agencies.
During the proceedings, Solicitor General Tushar Mehta, appearing for the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED), informed the bench that both agencies had updated the court on the progress of the investigation. Representing the petitioner, senior advocate Prashant Bhushan argued that despite identifying a key figure in the case, no arrest had been made so far, raising concerns about the pace of enforcement action. Mehta responded that the agencies had already filed their reports and could not comment further beyond what had been submitted.
Senior advocate Kapil Sibal, appearing for Anil Ambani, sought additional time to place certain facts before the court, stating that these had not been previously presented in any judicial forum. The bench agreed to consider these submissions after reviewing the status reports, reiterating that the investigation must remain transparent and fair.
The case relates to allegations of a multi-crore banking fraud linked to financial transactions dating back to 2007–08. The petition, filed by former Union Secretary EAS Sharma, alleges that companies associated with Ambani were involved in diversion of public funds. The petitioner has also referred to findings from the Securities and Exchange Board of India (SEBI), which reportedly flagged concerns over financial irregularities, though enforcement action has been questioned.
The government has maintained that investigative steps are underway. The ED has constituted a Special Investigation Team (SIT), while the CBI has appointed auditors to examine transaction records. According to submissions made in court, several individuals have already been arrested in connection with the case.
The Supreme Court has previously expressed concern over delays in the investigation, noting the seriousness of the allegations and the need for a time-bound and credible probe. It had also directed that Anil Ambani should not leave the country without prior permission, to which he had assured compliance.
The case is being closely watched due to its scale and potential implications for the banking sector, particularly regarding accountability in high-value corporate transactions. The court is expected to take up the matter again after reviewing the latest filings, with further hearings likely to determine the course of the investigation.
Input & Images : Hindusthan Samachar
Edited by Madhusudhan Reddy
Last Updated on: Thursday, April 30, 2026 8:03 pm by News Proton Team | Published by: News Proton Team on Thursday, April 30, 2026 8:03 pm | News Categories: Trending, Business, Delhi