The Supreme Court today raised concerns over the pace of investigation in the alleged Reliance Home Finance Limited (RHFL) fraud case, emphasising the need for a time-bound probe even as investigating agencies pointed to ongoing efforts and the complexity of the matter.

During the hearing, senior adv Prashant Bhushan highlighted findings from regulatory and investigative reports, including a detailed SEBI order alleging a “fraudulent scheme” involving siphoning of funds through layered transactions and promoter-linked entities.

“A 200-page order… establishes a scheme to siphon off money… yet no arrest has been effected so far.”

Appearing for the Central Bureau of Investigation (CBI), SG Tushar Mehta, however, clarified that arrests had been made based on the progress of the investigation and cannot be carried out arbitrarily. “We have arrested four individuals so far… we cannot arrest randomly, it has to be investigation-wise.”

The Enforcement Directorate (ED) informed the court that extensive steps have been taken, including the attachment of assets worth ₹15,000 crore and the constitution of a Special Investigation Team (SIT) to probe multiple linked transactions and entities.

Despite these submissions, the Bench of Chief Justice Surya Kant, Justice Joymalya Bagchi and Justice Vipul M. Pancholi expressed concern over the scale of the alleged fraud and the pace of investigation, noting that losses in one case alone run into over ₹2,200 crore, with the total exposure across cases potentially exceeding ₹40,000 crore.“It is imperative upon the CBI and ED to complete the investigation in a time-bound manner.”

The court stopped short of commenting on the merits of the allegations but underscored the importance of expeditious investigation in cases involving large-scale public funds and systemic impact.

The SG assured the court that efforts are ongoing and he will further communicate harshly to the authorities to expedite.