The CBI says there was over ₹73K crore in bank fraud in the Anil Ambani Group investigation, and the ED says there were problems with the IBC.
The ED told the court that it took certain papers that talked about a supposed “Project Help.” This shows that the insolvency process was “deliberately” begun by lenders who had nothing to do with it.
According to a report submitted in the Supreme Court in February, the Central Bureau of Investigation (CBI) is looking into bank loan scams worth a total of ₹73,000 crore in seven instances against the Reliance Anil Ambani Group.
The CBI told the court that it is looking into seven cases and also looking into the actions of some public workers.
The Supreme Court gave an order on March 23 after looking over the status report presented by the CBI and the Enforcement Directorate (ED), which is in charge of financial investigations.The highest court observed, “the losses in the other cases also come to several thousands of crores, totalling claims of approximately ₹73,006 crore,” referring to the CBI probe.
We are waiting for a response from the Reliance Group to a question received by PTI about this news.
The ED told the court that it took certain papers that talked about a supposed “Project Help,” which showed that insolvency procedures were “deliberately” started by lenders who weren’t involved.The article says that a group of eight non-banking financial organizations (NBFCs) set up all the money needed for IBC (insolvency and bankruptcy code) purchases. The Supreme Court remarked, after looking at the ED report, “It is noted that claims totaling about ₹2,983 crore were settled for ₹26 crore.”
The ED also told the court that it has set up a special investigative team to look into these cases. Right now, they are working on eight cases that have to do with the Reliance Anil Ambani Group (RAAG).
The Supreme Court said, “Since the preliminary facts speak for themselves, it is a situation where senior officials of the investigating agencies must collaborate and make a strong effort to uncover any irregularities, illegal acts, or collusion and connivance by public officials, especially those in the financial institutions, if any, in granting undue benefits to the management of RAAG.”We do not have an opinion on the merits of the allegations, but we do want to make it clear that the CBI and the ED must finish the investigation in a way that is fair, open, and independent, and that they must do so in a timely manner,” it said.
The ED also told the three-member Supreme Court bench led by Chief Justice Surya Kant that it has “not received” some of the material it asked for from other investigation bodies about this case.
