New Delhi, April 6: The Central Bureau of Investigation (CBI) is probing bank loan frauds cumulatively worth Rs 73,000 crore in seven cases registered against the Reliance Anil Ambani Group (RAAG).
This was revealed in a status report filed in the Supreme Court in February. The CBI informed the court that it is actively investigating seven cases and is probing the roles of certain public servants as well.
Supreme Court reviews investigation status
After reviewing the status report filed by the CBI and its financial investigations counterpart, the Enforcement Directorate (ED), a three-member Supreme Court bench led by Chief Justice Surya Kant issued an order on March 23.
Referring to the CBI probe, the apex court order said the losses in the other cases also come to several thousands of crores, totalling claims of approximately Rs 73,006 crore.
A response from the Reliance Group to a query sent by PTI regarding this development is awaited.
ED flags ‘Project Help’ documents
The ED told the court that it seized certain documents that speak about a purported 'Project Help', indicating that insolvency proceedings were deliberately started through unrelated lenders.
According to the report, all funding for Insolvency and Bankruptcy Code (IBC) acquisitions was arranged through a group of eight non-banking financial companies (NBFCs). The Supreme Court said, after perusing the ED report, it is noted that claims totalling approximately Rs 2,983 crore were settled for Rs 26 crore.
SIT formed, multiple cases under probe
The ED also informed the court that it has constituted a special investigation team (SIT) to probe these cases and is currently working on eight cases related to the RAAG.
The court observed that since the preliminary facts speak for themselves, senior officials of the investigating agencies must collaborate to uncover any irregularities, illegal acts, or collusion by public officials, especially those in financial institutions, in granting undue benefits to the management of RAAG.
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Court calls for transparent probe
While the court did not express an opinion on the merits of the allegations, it said it is imperative upon the CBI and the ED to complete the investigation in a dispassionate and transparent manner.
The court directed all agencies to extend full cooperation to the ED. The next hearing is scheduled for April 30.
(Disclaimer: Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)
