Mumbai: The Enforcement Directorate (ED) on Friday arrested Satish Seth, the former Group Managing Director of the Reliance Anil Ambani Group and Vice-Chairman of Reliance Infrastructure. Seth was arrested in Mumbai, officials said. Seth was also former director of Reliance Telecom
ED has been granted a transit remand for 48 hours. He will now be produced in Delhi court for further custody, according to officials. The agency also arrested another former executive of Anil Ambani Group ,Gautam Doshi, in the same matter. He was also former director of Reliance Telecom
Doshi was also taken arrested in Mumbai. He is also being brought to Delhi.
Both ED and Reliance Anil Ambani Group have not issued any official statement on the latest arrest.
In June, the CBI had arrested another former top executive of Anil Ambani Group, Amitabh Jhunjhunwala in the bank fraud case.
About The Case :
Officials said ED’s money laundering case stems from an FIR filed by the CBI in March.
Three months ago the CBI had registered an FIR in Reliance Telecom case. .
“The case was registered against M/s. Reliance Telecom Ltd. Satish Seeth (then Director),Gautam oshi (then Director), unknown public servants and unknown others for offences of conspiracy, cheating under IPC and criminal misconduct and abuse of official position under Prevention of Corruption Act.
The case was registered on the basis of a complaint received from the State Bank of India on the allegations for defrauding the bank and causing a wrongful loss to SBI to the tune of Rs. 114.98 Crores,” the CBI had said in March
SBI was member of the consortium of 11 banks which had sanctioned a total of Rs 735 crores term loan facility to M/s. Reliance Telecom Ltd.
Also Read: ED Attaches Rs 1,120 Crore Assets of Anil Ambani Group in Yes Bank Loan Fraud Probe
After registration of this case, CBI had conducted searches in Mumbai at the residence of Satish Seeth, Gautam B. Doshi and the registered office of M/s Reliance Telecom Ltd.
ED’s probe so far
The ED initiated investigation based on multiple FIRs registered by the Central Bureau of Investigation (CBI) on the complaints of State Bank of India, Punjab National Bank, Bank of Baroda, and Life Insurance Corporation of India, against RCOM, Anil Ambani, and others.
The federal probe agency also set up an SIT constituted on the directions of the Supreme Court is investigating the Reliance Anil Ambani Group (“RAAG”) cases involving diversion and laundering of bank/public funds.
In May ED provisionary attached assets valued at Rs.3034.90 Crore in the M/s Reliance Communications Ltd. Bank Fraud case – bringing the total attachment in Reliance Anil Ambani Group cases to over Rs.19,344 Crore.
RCOM and its group companies availed loans from domestic and foreign lenders of which a total amount of Rs. 40,185 Crore is outstanding.
In March, after CBI had questioned, Amitabh Jhunjhunwala, Satish Seeth and Gautam Doshi in the bank fraud case, Reliance Anil Ambani Group in a statement said, ”
Satish Seth, former Group Managing Director, for questioning in connection with the RCOM fraud case arising from an FIR registered on the basis of a complaint filed by the State Bank of India (SBI). Mr. Seth also served as Vice Chairman of Reliance Infrastructure Ltd. and as a board member of Reliance Telecom Ltd. (RTL)”.
“The CBI has also summoned another former Group Managing Director, Mr Gautam Doshi, for examination in the same matter TODAY. Mr. Doshi was also a board member of Reliance Telecom Ltd. (RTL).”
“In addition, the CBI questioned former Group Managing Director Mr Amitabh Jhunjhunwala over a period of three days prior to Mr. Anil Ambani’s scheduled appearance on March 19 and 20. Mr. Jhunjhunwala also served as Vice Chairman of Reliance Capital”.
“All three are no longer associated with the Reliance Group. They each served the Group, led by Anil Ambani, for over 15 years. Satish Seth and Amitabh Jhunjhunwala were part of the unified Reliance Group and had been associated with Reliance Industries Limited for more than two decades prior to the group’s demerger”.
“Mr. Jhunjhunwala is currently an independent fund manager with operations in Dubai and Singapore”.
“Mr. Seth is now engaged in real estate and software ventures, in partnership with his brother and son, respectively”.
“Mr Gautam Doshi currently leads a prominent tax and mergers & acquisitions advisory firm, in addition to serving on the boards of major companies such as Sterlite Industries, Sun Pharma, Suzlon Energy and Piramal Enterprises”..
