SC seeks answers on Anil Dhirubhai Ambani Group fraud, issues fresh notices to Anil Ambani

The Supreme Court on Friday issued fresh notices to industrialist Anil Ambani and the Anil Dhirubhai Ambani Group (ADAG) in a public interest litigation (PIL) alleging a massive banking and corporate fraud. The bench of Chief Justice Surya Kant and Justice Joymalya Bagchi also asked the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) to submit sealed status reports within ten days, outlining the progress of their ongoing investigations into the case. Solicitor General Tushar Mehta appeared for the probe agencies during the hearing.

The fresh notices were issued after the court noted that Anil Ambani and ADAG had already been served with notices in the PIL filed by former Union secretary E A S Sarma . The bench said it was granting them a last opportunity to appear in court and file their responses. The Supreme Court also directed the Bombay High Court’s Registrar General to ensure that the notices are properly served on Ambani and ADAG and to file a compliance report. This move indicates the court’s concern over procedural delays and its intent to proceed with the matter without further postponements.

The PIL alleges that the fraud involves systematic diversion of public funds , fabrication of financial statements , and institutional complicity across multiple ADAG companies. It claims that the group manipulated its financial books to hide losses and inflate assets, thereby misleading banks, investors and regulators. According to the petition, the group’s companies obtained loans and credit facilities from banks based on falsified financial data, and the funds were then diverted for purposes other than what they were meant for. The petitioner has also alleged that the fraud continued for nearly two decades, starting from 2007-08 , and that the CBI registered an FIR only in 2025 , raising questions about the delay in initiating action.

A key issue raised in the petition is that the ongoing probes are not comprehensive. Advocate Prashant Bhushan , representing Sarma, argued that the agencies have failed to investigate the role of banks and their officials in the alleged fraud. He said the FIR registered by the CBI on August 21, 2025 , and the connected ED proceedings cover only a small segment of the alleged wrongdoing, leaving out the larger pattern of institutional collusion. Bhushan urged the court to direct the CBI and ED to provide detailed status reports, specifically addressing whether banks and bank officials are being probed for their alleged complicity.

The Supreme Court has listed the matter for further hearing after ten days, awaiting the sealed reports from the CBI and ED. The bench has also indicated that the case will be taken up again after three weeks, once the agencies submit their progress reports and the responses of Anil Ambani and ADAG are filed. The court’s directions reflect its intent to ensure a transparent and comprehensive investigation into the allegations, including the possible involvement of banks in the alleged fraud.