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- Anil Ambani 40,000 Cr Fraud Case | Supreme Court ED Debate, Arrest Question
New Delhi33 minutes ago
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There was a heated debate in the Supreme Court in the loan fraud case of Rs 40,000 crore related to Anil Ambani’s companies. Petitioner lawyer Prashant Bhushan asked in the court that when SEBI itself has declared Anil Ambani the mastermind of this entire scam, then why has he not been arrested yet?
On this question, Solicitor General Tushar Mehta, appearing for the Enforcement Directorate (ED), said that the investigating agencies are not bound to answer why they have not arrested any ‘X’ or ‘Y’ person till now.
Agencies registered two new FIRs
Solicitor General Tushar Mehta informed the court that after finding some new evidence during the investigation, the agencies have registered 2 new FIRs. He said the investigation was ongoing and he could not comment on individual arrests.
Earlier, Prashant Bhushan had argued that ED has arrested some small employees in this case, but till now no such action has been taken against the main accused Anil Ambani.
Anil Ambani is the founder of Reliance Communications. (file photo)
Investigation of fraud worth Rs 40,000 crore, next hearing on May 8
The bench of CJI Surya Kant and Justice Joymalya Bagchi heard the case. The court has now postponed the matter to May 8. The new ‘status report’ filed by ED and CBI will be considered on that day.
The court made it clear that it wants to see the detailed report of these investigating agencies before issuing any further directions.
Loan of Rs 2,983 crore settled for just Rs 26 crore
During the last hearing, the court had expressed surprise by citing an ED report. According to the report, the debt of Rs 2,983 crore of some companies of Anil Ambani Group was settled for just Rs 26 crore during the insolvency process.
The Court also found that these acquisitions were facilitated by 8 non-banking financial companies (NBFCs) through “Project HELP”.
CJI’s concern over misuse of IBC process
CJI Surya Kant expressed deep concern over the increasing misuse of the Insolvency and Bankruptcy Code (IBC) process. He said incidents are increasing where bankrupt companies auction off their assets to their own family members or friends at very low prices. Describing it as a serious issue, he directed the agencies to investigate quickly.
Loan of ₹584 crore settled for ₹85 crore
During the hearing, a creditor’s lawyer presented a shocking example. He said that a completely efficient company which was collecting toll of Rs 8.5 crore every month, applied to declare itself bankrupt.
Later, the loan of Rs 584 crore of that company was settled for just Rs 85 crore. In this way the company came out debt free and the lenders suffered huge losses. The court said that if there is any such evidence related to the investigation, then the agencies should take it into cognizance.
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