ED Arrests Two Former Officials of Reliance Anil Ambani Group Amid Loan Fraud Investigation

Mumbai, June 13: The Enforcement Directorate (ED) has arrested two former officials of the Reliance Anil Ambani Group (ADAG) under the Prevention of Money Laundering Act (PMLA). The agency took Satish Seth, a former director of Reliance Telecom Limited, and Gautam Doshi into transit remand.

The Central Bureau of Investigation (CBI) had registered a case against the duo in March as part of its investigation into an alleged loan fraud involving ₹114.98 crores linked to the State Bank of India (SBI). Raids were also conducted at their premises.

Satish Seth, who previously served as the vice president of Reliance Infrastructure, will be presented in a Delhi court for further custody.

A spokesperson for the Reliance Group stated, “Satish Seth (70 years) and Gautam Doshi (73 years) no longer have any association with the group.” The spokesperson added that Seth had served as the group managing director and held director positions in various companies until he left the group in 2025. Similarly, Doshi had also worked as group managing director and director in several companies, departing the group in 2020.

According to the CBI, SBI was part of a consortium of 11 banks that approved a total term loan facility of ₹735 crores to Reliance Telecom Limited. It is believed that the ED initiated its investigation into the roles of Seth and Doshi in the bank loan fraud case based on the CBI’s complaint.

Earlier in June, the CBI arrested Amitabh Jhunjhunwala, the former group managing director of Reliance Communications, in connection with the alleged loan fraud case. Officials indicated that the company caused SBI a loss of ₹2,929.05 crores. After being presented in court, the CBI formally arrested him.

Meanwhile, the National Company Law Tribunal (NCLT) accepted SBI’s petition on Thursday, ordering the initiation of personal bankruptcy resolution proceedings against industrialist Anil Ambani. This action is based on his personal guarantees for loans given to Reliance Communications (RCom) and Reliance Infratel Limited (RITL).

In response to the NCLT’s decision, a spokesperson for Anil Ambani stated that his legal team would review the order upon receiving a copy and challenge it in appropriate forums based on legal advice. The spokesperson expressed confidence that Ambani would successfully present his case in the proper legal venues.