New Delhi, March 23 (NationPress) The Supreme Court emphasized on Monday the imperative for a thorough, equitable, and timely investigation into the alleged extensive bank frauds associated with Anil Ambani’s Reliance Communications (RCom) and its affiliated entities.

A bench led by Chief Justice of India (CJI) Surya Kant stated that authorities such as the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) should collaborate effectively to uncover the truth in a manner that is both transparent and independent.

The bench, which included Justices Joymalya Bagchi and Vipul M Pancholi, highlighted that the probe must be conducted promptly to foster confidence not just in the judicial system but also among the general populace.

"The investigation ought to disclose what actions have been taken and what evidence has been gathered," the apex court remarked, underlining that any hesitation from the agencies is unacceptable.

However, the CJI-led bench made it clear that it could not mandate arrests in this case, even as it raised concerns regarding the current pace of the investigation.

During the proceedings, advocate Prashant Bhushan, representing the petitioner, argued that despite substantial evidence, the CBI has not executed any arrests in the ongoing investigation.

Solicitor General (SG) Tushar Mehta, speaking on behalf of the investigative bodies, countered that arrests have indeed occurred and assets valued at approximately Rs 15,000 crore have been seized. He assured the Supreme Court that every effort would be made to reveal the truth.

Recognizing these submissions, the Supreme Court allowed the ED to submit a second status report and directed all relevant financial institutions to fully support the agency's efforts.

The case involves alleged significant financial misconduct and loan fraud involving RCOM and its associated firms, with previous hearings raising alarms about delays in the investigations being conducted by the ED and the CBI.

The Supreme Court had earlier mandated the formation of a Special Investigation Team (SIT) and called for time-sensitive advancements in the investigation, given the scale of the suspected diversion of public funds.

In related developments, the CBI has accelerated its inquiry, with several senior executives from Anil Ambani’s group being summoned for questioning. On March 21, two Group Managing Directors—Gautam Doshi and Sateesh Seth—were interrogated, while another executive, Amitabh Jhunjhunwala, had been questioned previously. The investigation focuses on allegations regarding the misappropriation of loan funds through intricate financial maneuvers between 2013 and 2017, resulting in substantial losses for banks.

Anil Ambani has also faced multiple rounds of questioning.