The Supreme Court of India has pushed the hearing for a Public Interest Litigation (PIL) involving alleged massive banking fraud by the Anil Dhirubhai Ambani Group (ADAG) to May 8, 2026. The bench, led by Chief Justice Surya Kant, is overseeing the investigation into what is now estimated to be a ₹73,000 crore scandal.
Key Developments in Court
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Status Reports Filed: Both the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) submitted fresh status reports. The agencies are currently probing a combined 15 FIRs related to the group.
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The “Kingpin” Allegation: Lawyer Prashant Bhushan, representing the petitioner, identified Anil Ambani as the “kingpin” of the fraud and questioned why no arrest had been made despite the mounting evidence.
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Asset Seizure: Solicitor General Tushar Mehta confirmed that probe agencies have already attached assets worth ₹15,000 crore and arrested four individuals, including senior officials.
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Suspicious Settlements: The court highlighted a startling discrepancy where a loan of over ₹3,000 crore was reportedly “settled” for a mere ₹26 crore.
Specific Allegations by Probe Agencies
The investigation covers systematic diversion of funds across various ADAG entities:
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Reliance Home & Commercial Finance: Alleged defaults and diversion of public funds totaling approximately ₹15,700 crore.
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Reliance Power: Investigation into the use of forged bank guarantees submitted to the Solar Energy Corporation of India.
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Telecom Entities: Alleged fraud involving ₹31,580 crore borrowed by RCOM, Reliance Infratel, and Reliance Telecom from a consortium of banks led by SBI between 2013 and 2017.
Court Directives & Restraints
The Supreme Court has taken a firm stance to ensure the investigation reaches a “logical conclusion”:
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Travel Restrictions: Anil Ambani has officially assured the court that he will not leave India without prior judicial permission.
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Inter-Agency Cooperation: The court empowered the CBI and ED to approach the bench directly if any government bodies or financial institutions show “reluctance” in cooperating with the probe.
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Special Investigation Team (SIT): An SIT comprising senior ED officers and banking experts has been formalized to untangle the complex web of diverted funds and fabricated financial statements.
Senior advocate Kapil Sibal, appearing for Anil Ambani, has requested a dedicated half-hour slot during the next hearing to present facts he claims have not yet been disclosed to any court. The bench agreed to hear his arguments on May 8 before taking final cognizance of the latest status reports.
