New Delhi – In a significant escalation of the legal battle surrounding Reliance Communications Ltd (RCOM), the Supreme Court of India on Friday directed the CBI and Enforcement Directorate (ED) to submit status reports on their investigation into alleged large-scale bank fraud.
The Bench, led by Chief Justice of India (CJI) Surya Kant and Justice Joymalya Bagchi, ordered that these progress reports be submitted in a sealed cover to the apex court.
Key Highlights of the SC Proceedings
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Sealed Cover Reports: CBI and ED must apprise the court of the progress in the ongoing probe.
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Fresh Notices Issued: Despite earlier notices, Anil Ambani and RCOM had not appeared. The court granted a “last opportunity” for them to respond.
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Bombay HC Intervention: The Registrar General of the Bombay High Court has been directed to ensure the service of notices to the respondents.
Allegations of ₹1.50 Lakh Crore Debt Write-off
Appearing for the petitioner, senior advocate Prashant Bhushan labeled the situation the “largest bank loan fraud in the country.” Bhushan alleged that over ₹1.50 lakh crore in debt linked to RCOM and its subsidiaries has been written off. He further contended that funds were systematically siphoned off through a complex network of shell companies.
“It is not that they do not know. They are watching the proceedings,” Bhushan stated, referring to the absence of Anil Ambani and RCOM representatives despite the case being widely reported in the media.
The Push for a Court-Monitored SIT
The Public Interest Litigation (PIL) seeks the formation of a Special Investigation Team (SIT). The petitioner argues that a judicially supervised probe is the only way to ensure transparency, citing several critical failures in the current investigative process:
| Point of Contention | Details provided in the PIL |
| Delayed FIR | State Bank of India (SBI) waited 5 years (until Aug 2025) to file an FIR despite having a forensic audit since 2020. |
| Limited Scope | The current CBI FIR reportedly covers only a fraction of the total alleged financial irregularities. |
| Systemic Misuse | Allegations include round-tripping, fictitious transactions, and “evergreening” of loans. |
| Collusion Fears | The plea suggests the 5-year delay points to possible involvement of bank officials or public servants. |
Timeline of the Case
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November 18, 2025: The Supreme Court initially issued notices to the Union Government, Anil Ambani, and RCOM.
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August 2025: CBI registers an FIR based on a complaint regarding a fraction of the total debt.
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January 23, 2026: SC demands status reports from central agencies and issues fresh notices to the promoters.
Beyond the RCOM investigation, the PIL also seeks the creation of an expert committee under Supreme Court supervision to recommend structural reforms for banking oversight and to prevent similar defaults in the future.
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