<p>The <span class="key-term" data-definition="Central Bureau of Investigation — India's premier investigative agency that probes major crimes, including economic offences; relevant to GS3: Economy and GS2: Polity">CBI</span> and the <span class="key-term" data-definition="Enforcement Directorate — A specialised financial‑crime investigating agency under the Ministry of Finance, tasked with enforcing money‑laundering and foreign‑exchange laws (GS3: Economy)">ED</span> have been directed by the <span class="key-term" data-definition="Supreme Court — The apex judicial body in India, whose orders are binding on all courts and agencies (GS2: Polity)">Supreme Court</span> to complete a time‑bound probe into alleged loan frauds amounting to roughly <strong>₹73,006 crore</strong> across seven cases involving the <span class="key-term" data-definition="Reliance Anil Ambani Group — The conglomerate led by Anil Ambani, comprising businesses in telecom, power, financial services, etc. (GS3: Economy)">RAAG</span>.</p> <h3>Key Developments</h3> <ul> <li>CBI is investigating seven cases of bank loan frauds totalling <strong>₹73,000 crore</strong> and is also examining the role of certain public servants.</li> <li>ED seized documents related to a purported "Project Help" that allegedly used eight <span class="key-term" data-definition="Non‑Banking Financial Companies — Financial institutions that provide banking‑like services without a banking licence; they are regulated by RBI (GS3: Economy)">NBFCs</span> to channel funds for <span class="key-term" data-definition="Insolvency and Bankruptcy Code — A legal framework for resolving distressed assets and bankruptcies in India (GS3: Economy)">IBC</span> acquisitions, settling claims of <strong>₹2,983 crore</strong> for merely <strong>₹26 crore</strong>.</li> <li>The ED has formed a Special Investigation Team (SIT) and is handling eight cases linked to RAAG.</li> <li>The Court emphasized collaborative effort among senior officials of investigative agencies to uncover any collusion by public officials in granting undue benefits.</li> <li>All agencies and financial institutions have been directed to extend full cooperation to the ED; the next hearing is scheduled for <strong>30 April 2026</strong>.</li> </ul> <h3>Important Facts</h3> <p>• The CBI’s status report, filed in February 2026, listed seven fraud cases with cumulative losses of about <strong>₹73,006 crore</strong>.<br> • The ED’s report highlighted that the alleged “Project Help” involved deliberate initiation of insolvency proceedings through unrelated lenders.<br> • Claims of <strong>₹2,983 crore</strong> were settled for a paltry <strong>₹26 crore</strong>, indicating possible undervaluation of assets.</p> <h3>UPSC Relevance</h3> <p>Understanding the interplay between investigative agencies (<span class="key-term" data-definition="CBI — Central investigative agency (GS2: Polity)">CBI</span>, <span class="key-term" data-definition="ED — Financi