SC Issues Notice to Centre, CBI, ED, Anil Ambani on Plea for Probe Into RCOM Bank Fraud

The Supreme Court has issued notice to the Union Government, CBI, Enforcement Directorate (ED), and Anil Ambani in response to a PIL seeking a court-monitored investigation into a massive banking fraud involving Reliance Communications (RCOM) and its group companies. The plea was filed by EAS Sarma, a former Union Secretary, and alleges systemic diversion of funds, fabrication of financial statements, and institutional complicity. The petition claims the fraud has persisted since 2007–08, and accuses bank officials, auditors, and regulators of collusion, highlighting shell companies and complex corporate structures used to launder funds. The court has asked the respondents to file replies within three weeks, signaling potential high-stakes litigation with implications for corporate governance, financial crime, and regulatory accountability in India. (Bar and Bench - Indian Legal news)