On Wednesday, the Supreme Court came down sharply on the Enforcement Directorate and the Central Bureau of Investigation over delays and procedural lapses in probing alleged bank loan frauds worth over Rs.40,000 crore involving Anil Dhirubhai Ambani Group (ADAG) companies. Flagging serious concerns over investigative sluggishness and methodology, the Court directed both agencies to act with urgency, significantly raising the stakes in the high value financial probe.
The observations came while a Bench led by Chief Justice of India Surya Kant was hearing a public interest petition seeking a court monitored investigation into alleged large-scale diversion of bank funds by ADAG companies. The petitioner pointed to forensic audits and complaints by multiple banks, alleging that despite early red flags, criminal action was initiated years later.
The CBI registered a single FIR in 2025 based on a State Bank of India complaint, later expanding its scope to include complaints from other lenders, an approach questioned by the Court. Parallelly, the ED’s investigation under the PMLA has resulted in attachments and arrests, but concerns were raised over unexplained delays and the limited pace of enforcement action.
Expressing dissatisfaction, the Court noted that complaints from different banks constitute separate transactions and observed that the CBI’s practice of subsuming them under one FIR “does not seem to be in conformity with procedural law.” The Bench also criticised the ED for unexplained delay, observing that both agencies have already had sufficient time and must now proceed expeditiously.
The Court advised the ED to consider forming a Special Investigation Team of senior officers and directed the CBI to also examine the role of bank officials for possible collusion. The Court recorded an undertaking on behalf of Anil Ambani that he would not leave the country without prior permission and noted assurances that all preventive steps would be taken to ensure the investigation faces no obstruction.
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