Anil Ambani's Reliance Power and Reliance Infra Stocks Fall After SC Issues Notice on Plea for Probe Into Alleged ADAG Bank Fraud

Reliance Power shares fell around 1% today after the Supreme Court issued notice on a PIL seeking a court-monitored probe into an alleged large banking fraud involving Reliance Communications and its promoter Anil Ambani. The development triggered negative sentiment across ADAG-linked stocks, leading to a marginal decline. Reliance Infra fell by 5%. RPower was trading at ₹40.19 and RInfra at ₹179. A bench of Chief Justice B.R. Gavai and Justice Vinod Chandran asked all respondents to file their replies within three weeks. The petition was filed by E.A.S. Sarma, former Secretary to the Government of India, alleging systemic diversion of funds, fabrication of accounts and institutional complicity.

Appearing for Sarma, advocate Prashant Bhushan contended that this could probably be the largest corporate fraud in India's history. The petition also states that banks delayed declaring the accounts as fraud despite having forensic audit reports, raising concerns about oversight by lenders and regulators. Sarma has alleged that the wrongdoing persisted for more than a decade, pointing to institutional lapses at several levels. He said the FIR was filed only in 2025 despite forensic reports and bank findings dating back to 2007–08, arguing that the delay highlights the need for a court-monitored investigation. Bhushan also sought status reports from the CBI and ED on their actions so far.

When the Bench asked whether the respondents — the Union government, CBI, ED and Anil Ambani — had been served copies of the petition, Bhushan said the petitioner was also requesting status reports from both the CBI and ED on steps taken so far. The court then issued notice and said it would hear the matter again after the replies are filed. Depending on what the agencies submit, the court may consider ordering a monitored probe.

The petition seeks a Supreme Court-monitored investigation covering forensic audit material, insolvency records and other documents. It demands inquiries under various laws, including the Indian Penal Code (IPC), the Prevention of Corruption Act (PCA), the Prevention of Money Laundering Act (PMLA), the Foreign Exchange Management Act (FEMA), the Companies Act, the Securities and Exchange Board of India Act (Sebi Act), the Reserve Bank of India’s prudential norms (RBI norms), and the Insolvency and Bankruptcy Code (IBC).

This PIL comes at a time when several Reliance Group companies linked to Anil Ambani are already under scrutiny. The CBI recently searched locations in Mumbai in a separate loan-fraud case involving RCom. The ED has also widened its money-laundering probe and raided more than 35 premises linked to over 50 group companies in July 2025. By November 2025, the ED had frozen assets worth ₹3,084 crore and attached 132 acres of land in Navi Mumbai valued at ₹4,462 crore, citing suspected laundering of bank loan proceeds. Anil Ambani's Reliance Group has alleged that a coordinated campaign is underway to undermine its reputation. The group further alleged that the motive behind the campaign was two-fold: to crash their stock prices and engineer panic in the markets, thereby enabling rivals to acquire assets at throwaway valuations.