SC issues notices to Centre, agencies, Anil Ambani on PIL alleging fraud

The Supreme Court on Tuesday asked the Centre, the CBI, the ED, Anil Ambani and others to respond to a PIL seeking a court-monitored probe into alleged banking and corporate fraud involving Reliance Communications (RCOM), its group companies and their promoter.

Taking note of the submissions of advocate Prashant Bhushan on behalf of PIL petitioner and former Union secretary EAS Sarma, a Bench led by Chief Justice of India BR Gavai issued notices to the respondents and asked them to file replies to the PIL in three weeks.

Alleging that probe agencies were not investigating the alleged complicity of banks and their officials in the banking fraud, Bhushan sought a direction to the CBI and the ED to file separate status reports with regard to the probe against banks and their officials in the case.

The PIL alleged systematic diversion of public funds, fabrication of financial statements and institutional complicity across multiple entities of the Anil Ambani-led Reliance ADA Group.

The FIR addressed merely a small segment of the alleged fraud, it alleged. Despite detailed forensic audits flagging serious irregularities, neither agency was probing the role of bank officials, auditors or regulators, the petition alleged.