Supreme Court issues fresh notices to Anil Ambani, ADAG over PIL on alleged bank fraud

The Supreme Court on Friday issued fresh notices to Anil Ambani and the Anil Dhirubhai Ambani Group (ADAG) in connection with a public interest litigation (PIL) seeking a court-supervised probe into alleged extensive banking and corporate fraud. The case, brought by petitioner and former Union secretary E A S Sarma, alleges systematic diversion of public funds, fabrication of financial statements, and institutional complicity across several ADAG entities. 

The bench, headed by Chief Justice Surya Kant and Justice Joymalya Bagchi, noted that earlier notices had already been served and has now directed further action to ensure compliance by the relevant court authorities.

The bench directed the Bombay High Court's Registrar General to ensure service of notices to Anil Ambani and ADAG, requiring a compliance report. This follows the bench’s observation that responses from the individuals and entities concerned remain pending. The plea has been fixed for hearing after 10 days.

Solicitor General Tushar Mehta, representing the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED), was instructed by the court to provide status reports in sealed cover within ten days. These reports are expected to detail the ongoing investigations into the alleged fraudulent activities.

Earlier, lawyer Prashant Bhushan, appearing for the petitioner, alleged that the probe agencies are not investigating the alleged complicity of banks and their officials in the suspected large-scale banking fraud.

He requested the court to direct both the CBI and the ED to submit status reports regarding their investigations into the possible involvement of banks and their representatives.

Bhushan asserted that the authorities had registered the FIR in 2025, despite the alleged fraudulent activities dating back to 2007-08. He maintained that only a small segment of the alleged fraud is currently addressed by the FIR and related ED proceedings.

"We want a status report from the ED and the CBI on what they are investigating. Clearly, they are not probing the collusion by the banks," he said.

Bhushan submitted that the instant case is "probably the largest corporate fraud in India's history." The court has posted the PIL for further hearing after three weeks and granted what it described as a last opportunity for Anil Ambani and ADAG to appear and file their responses.