Industrialist Anil Ambani has filed an important affidavit in the Supreme Court in the alleged loan fraud case of Rs 40 thousand crore related to Reliance ADAG Group. He has given a clear assurance to the Supreme Court of the country that he will not leave India without prior permission. Besides, he has also promised to fully cooperate in the ongoing investigation of CBI and ED.
In his affidavit, Ambani has confirmed the undertaking given by his senior lawyer Mukul Rohatgi on February 4. He told the court that he has not left the country since the investigation started in July 2025. He has no intention of going abroad at present. Ambani also made it clear that he will appear on the summons of the Enforcement Directorate (ED) on 26 February 2026 and become a part of the investigation process.
It is a case of scam worth Rs 40 thousand crores
This entire matter is related to the PIL filed by EAS Sarma, in which a court-monitored investigation has been demanded into the loan default of more than Rs 40,000 crore by ADAG companies. On February 4, Chief Justice Surya Kant’s bench had expressed strong displeasure over the slowness of the investigating agencies. The court had directed the ED to form a Special Investigation Team (SIT) and the CBI to register a separate FIR on the complaint of each bank.
In this entire matter, the hard-earned money of the general public is directly at stake. Reliance Communications and its group companies had taken a huge loan of Rs 31,580 crore from the SBI-led consortium between 2013 and 2017. The 2020 forensic audit of SBI had clearly revealed the embezzlement of thousands of crores through fake companies, circular transactions and shell firms.
Despite this huge misappropriation of public money, the bank filed a formal complaint in August 2025 with a delay of almost five years. This delay raises serious questions on the functioning of the banking system. The Supreme Court has now ordered an in-depth investigation into the collusion of bank officials without waiting for approval under Section 17A of the Prevention of Corruption Act, so that the real culprits can be traced.
Half truth in FIR
Advocates Prashant Bhushan and Pranab Sachdeva, appearing for the petitioner, argued in the court that the CBI FIR mentions a loss of only Rs 2,929 crore, which is a very small part of the actual scam. In this, major crimes like withdrawing money from fake accounts, evergreening of loans and use of companies which were found to have no existence at their addresses have been ignored. To make the investigation completely impartial, it is very important to hold the bank officials accountable.