Supreme Court Serves Fresh Notices To Anil Ambani, ADAG Over PIL Claiming Major Banking and Corporate Fraud

New Delhi, Jan 23: The Supreme Court on Friday issued fresh notices to Anil Ambani and the Anil Dhirubhai Ambani Group (ADAG) in a public interest litigation (PIL) seeking a court monitored investigation into alleged large-scale banking and corporate fraud.

The bench, comprising Chief Justice Surya Kant and Justice Joymalya Bagchi, directed the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED), represented by Solicitor General Tushar Mehta, to file sealed status reports within ten days detailing the progress of their ongoing probes.

The court noted that Anil Ambani and ADAG had already been served notices on the PIL filed by former Union Secretary E A S Sarma, and granted this as the last opportunity for them to appear and submit their responses. The Bombay High Court’s Registrar General was asked to ensure service of notices and report compliance. The matter has been listed for further hearing after ten days.

Lawyer Prashant Bhushan, representing the petitioner, alleged that the investigating agencies were not examining the role of banks and their officials in the alleged massive fraud, which dates back to 2007-08. Bhushan described the case as “probably the largest corporate fraud in India’s history” and urged the court to direct the CBI and ED to provide comprehensive updates on their investigations, including potential collusion by banks.

The PIL highlights systematic diversion of public funds, fabrication of financial statements, and institutional complicity across multiple entities under the Anil Ambani-led Reliance ADAG. According to the petitioner, the FIR registered by the CBI on August 21, 2025, and the related ED proceedings address only a fraction of the alleged fraud.

The Supreme Court has scheduled the next hearing for three weeks later to review responses and probe updates from all parties involved.