New Delhi, March 23 (AHN) The Supreme Court on Monday stressed the need for a coordinated, fair, and time-bound investigation into alleged large-scale bank frauds linked to Anil Ambani’s Reliance Communications (RCom) and its group entities.

A bench, headed by Chief Justice of India (CJI) Surya Kant, observed that investigating agencies such as the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) must "join hands" and work in coordination to unearth the truth in a transparent and independent manner.

The bench, also comprising Justices Joymalya Bagchi and Vipul M Pancholi, remarked that the probe must be carried out in a time-bound manner so that it inspires confidence not only in the court but also among the public.

"The investigation should reveal what has been done and what has been found," the apex court said, adding that reluctance on the part of agencies was "not acceptable".

At the same time, the CJI-led Bench clarified that it could not direct arrests in the matter, even as it flagged concerns over the manner in which the investigation has progressed so far.

During the hearing, advocate Prashant Bhushan, appearing for the petitioner, contended that despite the availability of material, the CBI has not made any arrests in the case.

Appearing for the probe agencies, Solicitor General (SG) Tushar Mehta submitted that arrests have been made and that assets worth around Rs 15,000 crore have been attached. The Centre’s second-highest law officer assured the apex court that no effort would be spared in uncovering the truth.

Taking note of the submissions, the top court permitted the ED to file a second status report and directed all financial institutions concerned to extend full cooperation to the agency.

The matter has been posted for further hearing after four weeks.

The case pertains to alleged large-scale financial irregularities and loan fraud involving RCOM and its associated companies, with earlier proceedings highlighting concerns over delays in investigation by the ED and the CBI.

The Supreme Court had previously directed the constitution of a Special Investigation Team (SIT) and sought time-bound progress in the probe, noting the magnitude of alleged siphoning of public funds.

Meanwhile, the CBI has recently intensified its investigation into the matter. According to the agency, several top executives of Anil Ambani’s group have been summoned and examined in connection with the case. Two Group Managing Directors — Gautam Doshi and Sateesh Seth — were questioned on March 21, while another senior executive, Amitabh Jhunjhunwala, was examined earlier. The probe centres on allegations of diversion and misuse of loan funds through complex financial transactions between 2013 and 2017, leading to significant losses to banks.

Anil Ambani has also been questioned several times.