The Supreme Court on Tuesday heard a plea seeking the constitution of a Special Investigation Team (SIT) to probe the financial affairs of the Anil Ambani-led Reliance Group, amid allegations of large-scale fund diversion and violations under the Prevention of Money Laundering Act, 2002 (PMLA) and the Foreign Exchange Management Act, 1999 (FEMA).
Appearing for the Enforcement Directorate (ED), Solicitor General Tushar Mehta submitted that the investigations were being conducted lawfully and strictly within the statutory mandate of PMLA and FEMA. He told the Bench that the probe was based on concrete material and was not arbitrary in nature.
During the hearing, the Solicitor General disclosed that the alleged siphoning of funds currently under investigation amounted to nearly ₹40,000 crore. “The actual siphoning off that we are looking at right now is ₹40,000 crore,” Mehta informed the Court.
The Bench, led by Chief Justice of India Surya Kant, raised concerns over the investigative process, particularly on the registration of multiple complaints and FIRs. “Now you want to file separate FIRs… are these complaints? Does it not constitute a separate offence?” the CJI asked, seeking clarification on whether each instance formed a distinct offence under the law.
Responding, the Solicitor General explained that the first FIR was registered on the basis of a complaint by the State Bank of India (SBI). He submitted that subsequently, other lending banks had reported instances of siphoning and financial irregularities, prompting further action by the investigating agencies.
Senior Advocate Prashant Bhushan, appearing for the petitioner, strongly questioned the pace and effectiveness of the investigation. He pointed out that the audit report of the Bank of Baroda flagging irregularities was prepared as early as 2020, but the FIR in the matter was registered only in 2025. Bhushan further informed the Court that the first arrest in the case was made just two days ago, highlighting what he described as an inordinate delay.
Bhushan also alleged that around ₹26,000 crore had been siphoned off through foreign entities, raising serious concerns of cross-border financial misconduct. He argued that despite the magnitude of the alleged fraud, the principal beneficiary and “kingpin” of the operation had not been arrested. “The main person has not been arrested,” Bhushan submitted, referring to Anil Ambani.
The plea seeking an SIT contends that given the scale of the alleged financial irregularities, involvement of multiple banks, and international dimensions, an independent and court-monitored investigation is necessary to ensure accountability and transparency.
The Supreme Court has kept the matter under consideration and is examining whether the ongoing investigations by statutory authorities under PMLA and FEMA are sufficient or whether the constitution of a Special Investigation Team is warranted. Further hearings are expected in the matter.
Read More: Extended Limitation Not Applicable in Natural Rubber Latex Classification Dispute: CESTAT
