India, May 8 -- The Supreme Court of India on Friday observed that the alleged large-scale banking fraud involving the Anil Dhirubhai Ambani Group (ADAG) and its firms requires a "thorough investigation" after the CBI informed the court that the estimated loss in seven cases under probe stood at around Rs 27,337 crore.

A bench comprising Chief Justice Surya Kant and Justice Joymalya Bagchi was hearing a public interest litigation filed by former bureaucrat E A S Sarma, who sought a court-monitored probe into alleged loan frauds exceeding Rs 40,000 crore involving ADAG firms led by industrialist Anil Ambani.

The CBI informed the apex court that nine FIRs had been registered in connection with the matter. Of these, charge sheets have alre...