The Enforcement Directorate (ED) has arrested two former top executives of Reliance Telecom Ltd.—Sateesh Seth and Gautam Doshi—in connection with an alleged multi-crore money laundering case.
The arrests were made in Mumbai under the provisions of the Prevention of Money Laundering Act (PMLA). Following the operation, the federal probe agency secured a transit remand to transfer both individuals to New Delhi, where the core case has been registered.
Key Highlights of the Investigation
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The Accused: Sateesh Seth and Gautam Doshi, both former directors of Reliance Telecom Ltd. under the Reliance Anil Ambani Group (RAAG).
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The Core Charge: Money laundering linked to an alleged ₹114.98 crore loan fraud impacting the State Bank of India (SBI).
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The CBI Connection: The ED’s action stems from a prior Central Bureau of Investigation (CBI) case. The CBI had booked the duo and raided their premises earlier this year in March.
Understanding the Financial Backdrop
The ongoing investigation is rooted in a massive financial arrangement where a consortium of 11 banks sanctioned a total ₹735 crore term loan facility to Reliance Telecom Ltd.
As a primary member of this banking consortium, SBI faced a direct hit of ₹114.98 crore from the alleged default and fraud. The ED is currently investigating the exact roles played by Seth and Doshi in orchestrating the fraud and tracing the flow of the allegedly laundered funds.
