SC asks ED to form SIT in Anil Ambani case
The Supreme Court has asked the Enforcement Directorate (ED) to set up a Special Investigation Team to dig into a massive bank fraud and money laundering case tied to Anil Ambani's Reliance companies: RCOM, RCFL, and RHFL.
The allegations? Fund diversion, evergreening loans, circular transactions, and moving money between related parties.
Ambani's companies defaulted on loans worth ₹40,000 crore
Ambani's companies are accused of defaulting on over ₹40,000 crore in loans, a number flagged by an SBI forensic audit and a SEBI report.
The court criticized the Central Bureau of Investigation (CBI) for slow action and is pushing for a faster probe.
So far, assets worth ₹8,078 crore have been provisionally attached, key executives have been questioned or arrested, and Ambani himself was questioned by investigators.
The court wants updates from both ED and CBI within four weeks, and Ambani has promised not to leave India without permission.