India, Feb. 5 -- Supreme Court on Wednesday directed the Enforcement Directorate (ED) to constitute a Special Investigation Team (SIT) dedicated to investigating allegations of large-scale bank fraud by Reliance Communications (RCOM), its group entities and Anil Ambani. The SC ordered CBI to probe into the nexus and collusion with bank officials in siphoning and diverting of the bank loans of more than Rs.40,000 crore by Anil Ambani's firms.

A Bench of Chief Justice of India (CJI) Surya Kant and Justices Joymalya Bagchi and Vipul Pancholi passed the order. "ED is well advised to constitute a SIT comprising senior officers and take all the measures so that the ongoing probe is taken to a logical conclusion," the Court said.

"It is impera...