Anil Ambani case: CBI claims over ₹73K crore bank ‘fraud’ in Anil Ambani Group probe; ED flags IBC irregularities

The Central Bureau of Investigation (CBI) is probing bank loan frauds cumulatively worth ₹73,000 crore in seven cases registered against the Reliance Anil Ambani Group, according to a status report filed in the Supreme Court in February.

The CBI informed the court that it is actively investigating seven cases, and is probing the roles of certain public servants as well.

After reviewing the status report filed by the CBI and its financial investigations counterpart, the Enforcement Directorate (ED), the apex court issued an order on March 23.

“…the losses in the other cases also come to several thousands of crores, totalling claims of approximately ₹73,006 crore,” the apex court order said, referring to the CBI probe.

A response from the Reliance Group to a query sent by PTI regarding this development is awaited.

The ED told the court that it seized certain documents that speak about a purported “Project Help”, indicating that insolvency proceedings were “deliberately” started through unrelated lenders.

“According to the report, all funding for IBC (insolvency and bankruptcy code) acquisitions was arranged through a group of eight NBFCs (non-banking financial companies) … It is noted that claims totalling approximately ₹2,983 crore were settled for ₹26 crore,” the Supreme Court said, after perusing the ED report.

The ED also informed the court that it has constituted a special investigation team to probe these cases and is currently working on eight cases related to the Reliance Anil Ambani Group (RAAG).

The Supreme Court said, “Since the preliminary facts speak for themselves, it is a situation where senior officials of the investigating agencies must collaborate and make a strong effort to uncover any irregularities, illegal acts, or collusion and connivance by public officials, especially those in the financial institutions, if any, in granting undue benefits to the management of RAAG.

“While we do not express any opinion on the merits of the allegations, all that we wish to observe is that it is imperative upon the CBI and the ED to complete the investigation in a most dispassionate, fair, transparent and independent manner and take the ongoing investigation to its logical conclusion in a time-bound manner,” it added.

The ED also informed the three-member Supreme Court bench led by Chief Justice Surya Kant that it has “not received” certain information sought from sister probe agencies concerning this investigation.

The court directed that all agencies and financial institutions shall extend their “full cooperation” to the ED and make the necessary information available in a timely fashion.

It has scheduled the next hearing for April 30.