NEW DELHI: The Supreme Court on Wednesday expressed serious concern over an “unexplained delay” by the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) in probing alleged bank loan frauds of around Rs. 40,000 crore linked to Reliance Communications Ltd (RCOM), its group companies and promoter Anil Ambani.
A Bench headed by Chief Justice of India Surya Kant directed the ED to constitute a Special Investigation Team (SIT) of senior officers and asked both agencies to take the probe to its “logical conclusion” in a time-bound manner. The court clarified that no coercive orders were being passed at this stage but said the scale of alleged siphoning of public funds warranted swift action.
Senior advocate Mukul Rohatgi, appearing for Anil Ambani, undertook that his client would not leave the country without the court’s permission, amid concerns that the accused could flee before completion of the investigation.
The Bench, also comprising Justices Joymalya Bagchi and Vipul M. Pancholi, directed the ED and CBI to file detailed status reports within four weeks. It questioned why only one FIR had been registered despite complaints from multiple banks, noting that each lender’s complaint represents a separate transaction requiring independent examination.
The court also ordered a probe into the conduct of bank officials to determine whether loans were sanctioned with any nexus, connivance or conspiracy involving banks, public officials and the accused entities.
Solicitor General Tushar Mehta informed the court that the ED had found material indicating forged bank guarantees, registered an ECIR against RCOM, and was examining Yes Bank’s 2017 investments in Reliance Commercial Finance Ltd and Reliance Home Finance Ltd. (IANS)
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