A bench led by the Chief Justice of India (CJI) Surya Kant, however, observed that the Division Bench order of the Bombay High Court shall not come in the way of a suit which is pending to be adjudicated. The apex court bench requested that the single judge benchto expedite the decision on Ambani's plea against the notices issued by the three banks.

"In terms of the Single Bench order, the Division Bench order shall not touch upon the merits of the suit, which remains pending. We request that the Bombay High Court expedite the civil suit for disposal. If the petitioner (Anil Ambani) has any other remedy in law, he shall be at liberty to avail the same. On the petitioner's submission that he wishes to settle with the banks, we do not express any opinion", the Court noted, as reported by news agency ANI.

Earlier, on April 6, the Supreme Court directed central investigative agencies to conduct a time-bound, fair and transparent probe into alleged financial irregularities linked to the Reliance Anil Ambani Group (RAAG), while hearing a public interest litigation filed by EAS Sarma on March 23.

A bench headed by the Chief Justice, along with Justices Joymalya Bagchi and Vipul M Pancholi, took note of status reports submitted by the Directorate of Enforcement (ED) and the Central Bureau of Investigation (CBI). The ED informed the court that a Special Investigation Team (SIT) was constituted on February 12, 2026, to probe multiple cases connected to RAAG. The SIT includes senior ED officials, forensic analysts, and representatives from banking institutions.

According to the ED's report, investigations have begun in eight cases, with several documents already seized. The agency also flagged a suspected "Project Help," under which insolvency proceedings were allegedly initiated through unrelated lenders. It further claimed that claims worth around Rs 2,983 crore were settled for just Rs 26 crore, raising concerns of possible financial misconduct.

The CBI, in its submission, said seven cases are under active investigation, including five recent FIRs. It noted that the alleged wrongful loss in one case alone amounts to Rs 2,223 crore, with total claims across cases reaching approximately Rs 73,006 crore. The agency is also examining the role of public servants and possible collusion with financial institutions

The SC passed the order while hearing three separate petitions filed by Anil Ambani who had contested a February 23 order made by a division bench of the high court.

Previously, the division bench had quashed a single judge bench interim order that stayed proceedings initiated against him and Reliance Communications Ltd to classify their bank accounts as fraud.

The division bench had allowed the appeals filed by three public sector banks and auditor firm BDO India LLP against the December 2025 interim order passed by a single bench.

The single judge bench order had stayed all present and future action by Indian Overseas Bank, IDBI Bank and Bank of Baroda, noting that the action was based on a legally flawed forensic audit and violated the Reserve Bank of India's mandatory guidelines.

Ambani had challenged before the single bench show-cause notices issued by the Indian Overseas Bank, IDBI and Bank of Baroda, seeking to declare his and Reliance Communications' accounts as fraud accounts.

In a related development, a Delhi court today sent two former senior officials of Reliance Group - Amitabh Jhunjhunwala and Amit Bapna - to Enforcement Directorate (ED) custody for five days in connection with a money laundering probe linked to an alleged bank loan fraud case.

The Special Judge, PMLA, at the Rouse Avenue Courts allowed the ED's plea for custodial interrogation, sending the duo to the agency's custody, even as the federal anti-money laundering agency had sought seven days' remand.

Jhunjhunwala and Bapna, close aides of industrialist Anil Ambani, were arrested by the ED in an ongoing investigation under the Prevention of Money Laundering Act (PMLA), based on multiple Enforcement Case Information Reports (ECIRs) registered on the basis of cases filed by the Central Bureau of Investigation (CBI), according to sources.

The case pertains to alleged financial irregularities involving group entities such as Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL), where the two are suspected to have played key roles during their tenure.
Jhunjhunwala, who earlier served as Group Managing Director of the Reliance Group and Vice Chairman and Director of Reliance Capital Ltd, is alleged to have been among the key decision-makers in the functioning of RHFL and RCFL during the relevant period, sources said.

Bapna, who served as Chief Financial Officer of Reliance Capital Limited and Director of RHFL, is also alleged to have been involved in financial decisions under scrutiny.

According to sources, the ED arrested the two officials after finding their alleged involvement in the laundering of proceeds of crime linked to the suspected diversion and misuse of bank loan funds.

Earlier this month, the CBI registered a case against Reliance Communications Ltd (RCom), Anil Ambani, unknown public servants and others on allegations of causing wrongful loss of Rs 3,750 crore to Life Insurance Corporation (LIC) of India.

According to the CBI, LIC was allegedly induced to invest Rs 4,500 crore in non-convertible debentures based on alleged misrepresentations regarding the financial health of the company and the security offered for such investments.

The agency has also been probing other bank fraud cases involving Reliance Group entities, including an alleged Rs 2,929.05 crore fraud linked to the State Bank of India (SBI). Anil Ambani was earlier questioned by the CBI in connection with the matter.

Reliance Group on Amitabh Jhunjhunwala and Amit Bapna

Reliance Group on Thursday said that Jhunjhunwala and Bapna are no longer associated with the group and are not presently working with any of its companies.

In a statement, the Anil Dhirubhai Ambani Group said Jhunjhunwala had left in December 2019, while Bapna exited in September 2019, and that neither has any current association with group companies, including Reliance Infrastructure Limited and Reliance Power Limited.

(With inputs from agencies)

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