SC Pulls Up Investigating Agencies For ‘Reluctance’ In Anil Ambani-Linked Financial Probe

The Supreme Court, while hearing a PIL concerning alleged financial irregularities and fund siphoning involving entities linked to Anil Ambani, including Reliance Home Finance Limited, orally observed that the conduct of the investigating agencies has reflected a degree of reluctance.

The bench, led by Chief Justice of India (CJI) Surya Kant, noted that despite serious allegations flagged in regulatory findings and submissions before the Court, the pace and approach of the probe raised concerns. The Court has thus directed that the investigation carried out by the probe agencies (ED and CBI) must be transparent, fair and time-bound so as to inspire confidence not only in the Court but also among all stakeholders.

“But your investigating agencies the way they have shown reluctance – they should come out in a time bound transparent and fair investigation. Your investigation must inspire confidence not only of the court by of every stakeholder”, the Court said.

During the hearing, Solicitor General Tushar Mehta informed the Court that the Enforcement Directorate has constituted a Special Investigation Team (SIT) comprising officers from different investigating agencies, including deputy directors and assistant directors, along with forensic auditors to examine the transactions. It was further submitted that the Central Bureau of Investigation (CBI) has appointed transaction auditors and that arrests have been made in the course of the investigation. The Court also noted that the status report filed by ED and CBI indicates that multiple cases are under probe, including those involving the role of public servants and that details have been sought from financial institutions.

Senior Advocate Prashant Bhushan, appearing on behalf of the PIL petitioner, however, contended that despite findings in the Securities and Exchange Board of India (SEBI) report alleging fraudulent schemes and siphoning of funds by Anil Ambani and related entities, no substantial action, including arrests by the CBI, had been undertaken. In response, the Solicitor General submitted that four persons have been arrested so far.

Taking note of the submissions, the Court observed that investigating agencies must “join hands” to ascertain the truth, particularly where allegations point to possible connivance with authorities. It reiterated that the probe must be conducted in a dispassionate and independent manner and be completed within a time-bound framework. SGI Mehta assured the Court that no stone would be left unturned in uncovering the truth.

In its order, it noted that in compliance with its earlier order, the ED has constituted an SIT to investigate the Reliance-related cases. The SIT comprises senior officers and is supported by forensic auditors. It noted the CBI’s status report, which states that several cases are under investigation, including those involving public servants, and that substantial financial transactions are under scrutiny. The Court has directed all concerned financial institutions to extend full cooperation to the ED with respect to the investigation in the case. The matter has been posted for further hearing after four weeks. (ANI)