New Delhi [India], April 16 (ANI): The Supreme Court has refused relief to businessman Anil Ambani on his plea challenging the decision of a Division Bench of the Bombay High Court, which allowed two banks including Indian Overseas Bank to proceed with classifying his loan account as 'fraud', by setting-aside it's December 2025 single-judge bench order that had had granted interim relief to Ambani.

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 and requested the High Court to dispose of the case in an expeditious manner.

'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.

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. (ANI)