Taking strong exception to the “reluctance” shown by the CBI and the ED in probing the alleged large-scale banking fraud of Rs 40,000 crore involving Anil Dhirubhai Ambani Group (ADAG) and group companies, the Supreme Court on Monday directed them to conduct a “fair, dispassionate, transparent and time-bound” investigation into the matter.“We cannot direct (them) whom to arrest, but the way investigating agencies have shown reluctance, that’s not acceptable. They should come out in a fair, transparent and time-bound manner that this is what we have concluded after investigation… the investigation must inspire confidence… not only in the court but in all the stakeholders,” a three-judge Bench led by Chief Justice of India Surya Kant said.It asked the probe agencies to submit fresh status reports and posted the matter for further hearing after four weeks.“This is a case where senior functionaries of the investigating agencies must join hands and make vigorous attempts to unearth the irregularities/illegalities or the connivance of public functionaries, specially the financial institutions, if any, in giving undue benefit to the (ADAG)…,” said the Bench, which also included Justice Joymalya Bagchi and Justice Vipul M Pancholi.“While we do not express any opinion on the merits of the allegations, all that we wish to observe is that it is imperative upon the CBI and the ED to complete the investigation in a most dispassionate, fair, transparent and independent manner and take the ongoing investigations to logical conclusion in a time-bound manner,” it said.“All concerned agencies/financial institutions/other persons are directed to extend full cooperation to the ED and make available necessary information. In the event of any reluctance, resistance or delay, the ED to submit a report to this court,” the top court said while hearing a PIL filed by former bureaucrat EAS Sarma seeking a court-monitored investigation into alleged loan frauds exceeding Rs 40,000 crore by ADAG companies led by Anil Ambani.Solicitor General Tushar Mehta assures the Bench that no stone shall be left unturned to get to the bottom of the case and that the probe agencies shall endeavour to complete their investigations in four weeks.Mehta informed the Bench that following the top court’s order, an SIT comprising senior ED officers and financial experts from the banking sector has been constituted and the probe agencies have so far attached assets worth Rs 15,000 crore and have arrested four persons, including a few senior officials.On behalf of the petitioner, advocate Prashant Bhushan referred to a SEBI report to allege that there was a scheme devised to siphon off money and yet the CBI has not made any arrests so far.“Arrests have been made. We cannot make random arrests,” Mehta said.On behalf of Anil Ambani, senior advocate Mukul Rohatgi said that due to pendency of the PIL, the lending banks were not willing to talk about settlement of the dues. The Bench, however, said it has not stopped anyone from having any consultations.The Bench referred to certain facts disclosed in the fresh status reports of the probe agencies and said the CBI and the ED were probing seven and eight FIRs, respectively.It also noted that a loan amount of more than Rs 3,000 crore has been apparently settled by paying Rs 26 crore. It’s estimated that the total fraud amount is around Rs 73,000 crore, it added.“The investigating agencies must join hands and find out the issue. We impress upon the CBI and the ED that the probe be completed most dispassionately and independently so that it’s taken to a logical conclusion in a time-bound manner,” the Bench said.Expressing displeasure over “unexplained delay” in investigations, the top court had on February 4 directed the CBI and the ED to conduct a “fair”, “prompt” and “dispassionate” probe into the matter.