Daijiworld Media Network - New Delhi

New Delhi, May 8: The Supreme Court of India on Friday observed that allegations of a “large-scale banking fraud” involving Anil Ambani’s Reliance Anil Dhirubhai Ambani Group (ADAG) require a thorough investigation.

The apex court made the observation while hearing matters related to alleged financial irregularities and loan defaults linked to companies under the ADAG group.

The bench noted that the nature and scale of the allegations warranted a comprehensive probe by the concerned investigating agencies and financial authorities.

The court also stressed the need to examine the role of banks, lending practices and the movement of funds in the case.

During the hearing, the judges reportedly remarked that issues involving public money and alleged banking fraud could not be treated casually and required complete transparency.

The matter pertains to allegations involving large unpaid loans and suspected diversion of funds connected to firms associated with the ADAG group.

Further proceedings in the case are expected in the coming days as the court continues monitoring developments related to the investigation.