New Delhi [India], February 4 (ANI): The Supreme Court on Wednesday advised the Enforcement Directorate (ED) to constitute a Special Investigation Team (SIT) and take the ongoing probe into allegations of siphoning of public funds against Anil Ambani and the companies linked to him, to its logical conclusion.

A Bench comprising Chief Justice of India Surya Kant and Justices Joymalya Bagchi and Vipul M Pancholi noted that there had been an unexplained delay on the part of the ED and underscored that the investigation must proceed independently, sincerely and expeditiously.

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"We expect that the agencies must act independently and swiftly. Today we are not passing any harsh order," the Bench observed, while making it clear that no further delay will be entertained.

The Court observed that the magnitude of the alleged siphoning, involving public money, warranted a serious and time-bound investigation. Thus, it directed the central agencies to file status reports within four weeks of their ongoing probe into the matter.

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During the hearing, the Court also took note of a sealed-cover report filed by the CBI, which stated that a formal FIR relating to the concerned account has been received by the State Bank of India (SBI). The CBI informed the Court that similar accounts in other banks are also under investigation.

The Court emphasised that it was imperative for the CBI to investigate the conduct of bank authorities, particularly to ascertain why financial facilities were released in favour of the concerned entities.

Further, it directed the CBI to examine whether there existed any nexus, connivance or conspiracy among the accused business companies, banks and public officials and take all lawful measures for investigation.

Appearing for the ED and CBI, Solicitor General of India (SGI) Tushar Mehta submitted that the ED has already found material indicating forged bank guarantees. He pointed out that an ECIR has been registered against Reliance Communications Ltd. (RCom) and that investments made by Yes Bank in 2017 in Reliance Commercial Finance Ltd. (RCFL) and Reliance Home Finance Ltd. (RHFL) are under examination.

It was submitted that RHFL had availed funds from 33 banks and financial institutions and transactions amounting to over ₹21,106 crore are being scrutinised. The ED claimed that monthly fund flows, enforcement of bank guarantees and alleged diversion patterns are under investigation, and that the total loss to public funds is substantial.

Prashant Bhushan, appearing for the petitioner in the PIL seeking a court-monitored SIT probe into the matter, stressed that despite the enormity of the alleged siphoning, the "kingpin" has not yet been arrested. He argued that the scale of the alleged fraud running into tens of thousands of crores necessitated robust and independent action.

Senior advocate Mukul Rohatgi, appearing for Anil Ambani, submitted that the group has been making efforts to repay its dues and there was no suggestion of siphoning. He also stressed that his clients, Anil Ambani and other officials accused in the case, have no intention to leave the country without paying off what they owe to the authorities.

Senior advocate Shyam Divan, appearing for the group companies, referred to affidavits indicating a series of repayments, stating that efforts to ensure payments were relentless.

The Court, however, clarified that merely because the accused are willing to pay the amounts owed, does not mean they would be condoned from prosecution.

The Bench clarified that it was not passing any coercive or harsh directions at this stage, but emphasised that, given the huge amount of public money allegedly siphoned, the agencies must act independently, sincerely, and without delay.

The matter will be taken up after four weeks, when status reports from the ED and CBI are placed before the Court. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)