SC Directs CBI to Update Probe into Alleged ₹27,337-Crore ADAG Banking Fraud

The Supreme Court on Monday was informed by the Central Bureau of Investigation (CBI) that it has filed three chargesheets in as many cases out of the seven FIRs registered in connection with the alleged ₹27,337-crore banking fraud involving the Anil Dhirubhai Ambani Group (ADAG) and its firms.

A bench comprising Chief Justice Surya Kant and Justices Joymalya Bagchi and V. Mohan took note of the submission by Solicitor General Tushar Mehta , who said investigations in the remaining four cases are underway. The court directed the CBI to submit a status report on the progress of the probe. It also noted that the Enforcement Directorate (ED) has filed prosecution complaints, equivalent to chargesheets, in the related money laundering cases.

During the hearing, advocate Prashant Bhushan , appearing for petitioner and former bureaucrat EAS Sarma , alleged that Anil Ambani had not been arrested despite being described as a "kingpin" in earlier investigative records. He claimed that only lower-ranking officials had been taken into custody.

The Solicitor General rejected the allegation, stating that managing directors and senior executives had also been arrested. The bench declined to make any observations on Ambani's alleged role, saying it would avoid comments that could prejudice the proceedings. Senior advocate Kapil Sibal , appearing for Ambani, also cautioned against judicial remarks before the trial court takes cognisance of the chargesheets.

The case stems from a PIL alleging systematic diversion of public funds, fabrication of financial statements and institutional complicity across ADAG entities. The ED has alleged major loan defaults involving Reliance Home Finance and Reliance Commercial Finance , while also investigating alleged forged bank guarantees linked to Reliance Power .