Anil Ambani Barred From Leaving India; SC Orders SIT For ‘Fair’ Probe Into Bank Fraud

The Supreme Court on Wednesday directed the Enforcement Directorate to form a Special Investigation Team focused on investigating allegations of large-scale bank fraud by Reliance Communications, its parent entities, and Reliance Group Chairman Anil Ambani. 

The apex court also highlighted an undertaking of Ambani’s counsel Mukul Rohatgi wherein he assured that his client will not leave the country, and that all preventive action will be taken to not hamper the probe, according to media reports.

Additionally, The Central Bureau of Investigation has been tasked by the Court to identify any bank officials who may have been complicit in the alleged fraud.

SC also noted that both these agencies have been sluggish with their probes and said that it now expects them to conduct a fair investigation. The court has directed the CBI and the ED to inform it about the progress of their investigation in the matter periodically. 

The ED had initiated its investigation in the case last year, following a CBI FIR that named Anil Ambani, RCom, and others on charges of fraud, conspiracy, and corruption.

The focus of the probe is RCom and its affiliates, which had taken loans totaling more than Rs 40,000 crore from Indian and foreign banks between 2010 and 2012. Five of these accounts have since been declared fraudulent by the lending banks.

The initiation of the probe was began after FIR was first registered on a complaint by the SBI, and the scope was broadened cover similar complaints by other banks like Bank of Maharashtra, Bank of Baroda, and Bank of India, the Supreme Court noted in CBI’s status report. 

ALSO READ: ED Attaches Fresh Assets Of Anil Ambani Group, Taking Total To Over Rs 10,000 Crore

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