Three Chargesheets Filed, ADAG Managing Director Arrested: CBI Updates Supreme Court on Anil Ambani Group Probe
The Central Bureau of Investigation (CBI) on Monday informed the Supreme Court that it has filed three chargesheets in connection with the alleged large-scale banking fraud involving companies of the Anil Dhirubhai Ambani Group (ADAG). The agency told the Court that investigations are continuing in the remaining four FIRs, which form part of the broader probe being monitored by the apex court.
Appearing for the CBI, Solicitor General Tushar Mehta submitted before a Bench comprising Chief Justice Surya Kant and Justices Joymalya Bagchi and V. Mohan that progress had been made in the investigation, including the filing of chargesheets in three cases. Taking note of the submission, the Supreme Court directed the investigating agency to file a fresh status report detailing further developments in the ongoing probe.
The CBI also informed the Court that Devang Pravin Mody, the former Director and Chief Executive Officer of Reliance Commercial Finance Limited (RCFL), has been arrested during the investigation. According to the agency, Mody is among the accused named in the first chargesheet filed in the RCFL case, which alleges diversion of borrowed funds through intermediary entities to various ADAG companies, causing substantial losses to a consortium of public sector banks.
The first RCFL chargesheet, filed before the Special Judge for CBI Cases in Mumbai, names seven accused, including Reliance Infrastructure Ltd., Reliance Home Finance Ltd. (RHFL), and five former senior executives of RCFL. The CBI alleges that the accused conspired to divert loan proceeds in violation of lending conditions, resulting in an estimated loss of ₹4,097 crore to a consortium of 13 public sector banks. The agency has stated that further investigation remains open to ascertain the role of additional individuals, companies, and public servants.
The proceedings stem from a public interest litigation alleging large-scale diversion of bank funds by ADAG companies. Earlier this year, the Supreme Court directed the CBI and the Enforcement Directorate (ED) to conduct an expeditious and impartial investigation into the allegations. During the latest hearing, the Court declined to make any observation on whether industrialist Anil Ambani himself was under investigation or whether his arrest was warranted, reiterating that such decisions fall within the domain of the investigating agencies based on the evidence collected.
With three chargesheets now on record and investigations continuing in the remaining cases, the Supreme Court’s ongoing oversight is expected to keep the spotlight on one of India’s most significant corporate banking fraud investigations. The next status report filed by the CBI is likely to indicate whether additional prosecutions or supplementary chargesheets are contemplated as the probe progresses.
