Supreme Court Directs CBI and ED to Submit Status Reports in Anil Ambani Group Fund Siphoning Case
In a significant development, the Supreme Court of India has issued directives to the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) to share the findings of their ongoing probes into alleged financial fraud and fund siphoning by the Anil Dhirubhai Ambani Group (ADAG). The court's intervention comes amid concerns over delays in the investigation process.
Court Issues Fresh Notices to Anil Ambani and ADAG
A bench comprising Chief Justice Surya Kant and Justice Joymalya Bagchi took up the matter on Friday, expressing dissatisfaction with the lack of representation from the respondents. Despite previous notices being served, no one appeared on behalf of Anil Ambani or ADAG during the proceedings.
To ensure proper legal representation, the Supreme Court has directed the Registrar General of the Bombay High Court to facilitate the service of fresh notices. The court emphasized that this would be the final opportunity for the respondents to appear and respond to the allegations leveled against them.
Forensic Audit Reveals Siphoning of Funds
During the hearing, Solicitor General Tushar Mehta informed the court that he was not opposing the petition filed against ADAG. He highlighted that a forensic audit conducted earlier had uncovered evidence of fund siphoning, which subsequently led to the CBI registering a case against the group.
Advocate Prashant Bhushan, representing the petitioner, brought to the court's attention that the forensic audit report was completed in 2020. However, he pointed out that neither the banks nor the investigative agencies took any concrete action for nearly five years, with the case being formally registered only last year.
Supreme Court Seeks Compliance and Status Reports
The Supreme Court has recorded that respondent No. 4 (ADAG) and respondent No. 5 (Anil Ambani) were duly served but failed to enter an appearance. In light of this, the court has granted them a final chance to present their side of the story.
Furthermore, the court has directed the CBI and ED to file detailed status reports on their ongoing investigations. If the probes are still incomplete, the agencies have been permitted to submit their findings in sealed covers to maintain confidentiality and integrity of the investigation process.
The Supreme Court's proactive stance underscores the judiciary's commitment to ensuring accountability and transparency in high-profile financial fraud cases. The directives aim to expedite the investigation and bring clarity to the allegations of fund misappropriation involving one of India's prominent business groups.
