₹40,000 crore Reliance Home Finance Limited Fraud probe must be Time-Bound, observes SC

Today, the Supreme Court emphasised the need for a time-bound investigation in the high-stakes Reliance Home Finance fraud probe, while expressing concern over delays in a case involving alleged financial irregularities exceeding ₹40,000 crore. The Court’s intervention comes against the backdrop of competing claims, investigating agencies pointing to the complexity and ongoing progress of the probe, and petitioners questioning the pace of accountability in a matter with significant financial and systemic implications.

The issue surfaced during proceedings in EAS Sarma v. Union of India, where concerns were raised about alleged siphoning of funds through layered transactions and promoter-linked entities. Senior counsel highlighted regulatory findings pointing to a structured diversion of funds, questioning the absence of swift enforcement action. In response, the Central Bureau of Investigation maintained that arrests had been made based on evidentiary progress and could not be undertaken arbitrarily. The Enforcement Directorate, on its part, pointed to asset attachments worth ₹15,000 crore and the formation of a Special Investigation Team to examine multiple interconnected transactions, emphasising the scale and complexity of the probe.

The Bench comprising Chief Justice Surya Kant, Justice Joymalya Bagchi, and Justice Vipul M. Pancholi stressed the urgency of the matter. Without delving into the merits of the allegations, the Court observed that “it is imperative upon the CBI and ED to complete the investigation in a time-bound manner,” signalling judicial concern over prolonged probes in cases involving substantial public funds. The Solicitor General assured the Court that investigative efforts are ongoing and would be further expedited.

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