The Enforcement Directorate (ED) has arrested two former executives of the Reliance Anil Ambani Group under the Prevention of Money Laundering Act (PMLA) in Mumbai, according to officials.
The probe agency took transit remand of Sateesh Seth and Gautam Doshi who previously served as directors of Reliance Telecom Ltd.
The CBI had booked and raided the premises of the duo in March as part of its investigation into an alleged loan fraud worth Rs 114.98 crore at the State Bank of India (SBI).
Seth has previously served as Vice Chairman of Reliance Infrastructure. He will be produced in Delhi court for further custody.
ED investigating the roles of Seth and Doshi
SBI was a member of the consortium of 11 banks which had sanctioned a total of Rs 735 crore Term Loan facility to Reliance Telecom Ltd, the CBI had said. The ED is understood to have taken cognisance of this CBI complaint and is investigating the roles of Seth and Doshi in this bank loan fraud case.
Earlier in June, CBI had arrested a former Group Managing Director of Reliance Communications, Amitabh Jhunjhunwala, in connection with the loss of Rs 2,929.05 crore caused to the State Bank of India by the company in alleged loan fraud, officials said. He was produced before the court, following which the CBI formally arrested him.
Meanwhile, the National Company Law Tribunal (NCLT) on Thursday admitted a plea filed by the State Bank of India (SBI) and initiated personal insolvency resolution proceedings against industrialist Anil Ambani in his capacity as a personal guarantor for loans extended to Reliance Communications (RCOM) and Reliance Infratel Ltd (RITL).
Reacting to the decision, a spokesperson for Anil Ambani said that the order, once available, will be reviewed by his legal team and challenged through appropriate legal remedies, as advised. “Mr Ambani remains confident of vindicating his position before the appropriate forums,” the spokesman added.
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