New Delhi, Jan 23 (NationPress) The Supreme Court on Friday requested sealed-cover status reports from the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) regarding their ongoing investigations into alleged extensive bank frauds associated with Reliance Communications Ltd (RCOM), its affiliated companies, and its promoter Anil Ambani.

A Bench comprising Chief Justice of India (CJI) Surya Kant and Justice Joymalya Bagchi instructed the two federal agencies to inform the apex court about the advancements made in their inquiries.

The reports are to be submitted in a sealed envelope.

While representing the petitioner, attorney Prashant Bhushan claimed that over Rs 1.50 lakh crore of debt pertaining to RCOM and its subsidiaries has been written off, alleging that funds were misappropriated via numerous shell companies. He characterized the situation as the “largest bank loan fraud in the nation.”

Bhushan further noted that neither Anil Ambani nor RCOM had responded to the Supreme Court, despite prior notices being sent. He stated, “This was widely covered in the media. It’s not as if they are unaware. They are monitoring the proceedings.” However, in a display of judicial fairness, the CJI Kant-led Bench offered them a final chance and issued new notices, instructing the Registrar General of the Bombay High Court to ensure delivery.

Previously, on November 18, 2025, the Supreme Court had sent notices to the Union government, Anil Ambani, and RCOM concerning the PIL that demanded a court-supervised investigation into the alleged “large-scale, organized bank fraud” by the company and its affiliates.

The petition has requested the formation of a Special Investigation Team (SIT) with members from the CBI and the ED, arguing that only a judicially monitored inquiry can guarantee a thorough, coordinated, and transparent investigation into the alleged crimes.

The PIL asserts that the FIR filed by the CBI in August 2025 addresses only a portion of the financial discrepancies, despite substantial evidence indicating the misdirection of funds, round-tripping, fictitious transactions, and the systematic misuse of bank loans by RCOM and its associated entities.

According to the plea, the State Bank of India (SBI), the primary lender in a consortium that provided Rs 31,580 crore from 2013 to 2017, delayed filing an FIR for five years, even though they possessed a comprehensive forensic audit report since 2020.

“Despite having the 2020 Forensic Audit Report, which served as the basis for the complaint outlining significant issues regarding diversion, evergreening, fictitious transactions, and the use of shell entities, the bank refrained from taking any legal action until August 2025. This delay raises questions about whether bank officials acted in collusion or with a deliberate intent to shield the borrower group,” the plea asserts.

“The five-year delay in filing the FIR by the bank evidently points to the involvement of bank officials and other public servants whose conduct enabled, concealed, or facilitated the fraud,” it continued.

The PIL also called for the establishment of an expert committee under the Supreme Court's oversight to propose structural reforms in banking and regulatory supervision.