The Enforcement Directorate (ED) has apprehended two ex-officials of the Reliance Anil Ambani Group in Mumbai under the Prevention of Money Laundering Act. Sateesh Seth and Gautam Doshi, former directors of Reliance Telecom Ltd., were taken into custody by the investigative agency. The duo had been under scrutiny by the Central Bureau of Investigation (CBI) since March for their alleged involvement in a loan scam amounting to Rs 114.98 crore at the State Bank of India (SBI).
The CBI had conducted searches at the residences of Seth and Doshi earlier this year as part of the ongoing probe. Seth, who previously held the position of Vice Chairman at Reliance Infrastructure, is scheduled to appear before a court in Delhi for further legal proceedings. The CBI’s investigation revealed that a consortium of 11 banks, including SBI, had granted a total Term Loan facility of Rs 735 crore to Reliance Telecom Ltd.
Moreover, the ED has initiated an inquiry into the roles played by Seth and Doshi in connection with the alleged bank loan fraud case. In a separate incident, the CBI recently arrested Amitabh Jhunjhunwala, a former Group Managing Director of Reliance Communications, for his alleged involvement in causing a loss of Rs 2,929.05 crore to SBI through fraudulent loans. Jhunjhunwala was formally arrested after being presented in court.
Meanwhile, the National Company Law Tribunal (NCLT) has accepted a petition filed by SBI and commenced personal insolvency resolution proceedings against Anil Ambani, the industrialist, as a personal guarantor for loans extended to Reliance Communications and Reliance Infratel Ltd. Anil Ambani’s spokesperson responded to the development by stating that they would review the order and challenge it through legal means. The spokesperson expressed confidence in vindicating Ambani’s position before the appropriate authorities.
