ED Arrests Ex-Reliance Execs in Rs 115 Cr SBI Loan Fraud
By Varun Mittal
Enforcement Directorate arrests two former Reliance Anil Ambani Group executives, Satish Seth and Gautam Doshi, in connection with an alleged ₹114.98 crore SBI loan fraud case.
ED Nabs Ex-Reliance Execs in SBI Loan Fraud
The Enforcement Directorate (ED) has arrested Satish Seth and Gautam Doshi, two former executives of the Reliance Anil Ambani Group, under the Prevention of Money Laundering Act (PMLA).
These arrests are linked to an alleged loan fraud of ₹114.98 crore at the State Bank of India (SBI), intensifying regulatory scrutiny on the conglomerate.
Key Details Emerge
- Arrested: Satish Seth (70) and Gautam Doshi (73), both former directors of Reliance Telecom Ltd.
- Charges: Under the Prevention of Money Laundering Act (PMLA).
- Company Stance: A Reliance Group spokesperson stated Seth and Doshi are no longer affiliated, having left in 2025 and 2020, respectively.
- Prior Probe: The CBI had previously booked and raided their premises in connection with the SBI loan fraud.
Broader Investigations Continue
This development follows the earlier arrest of Amitabh Jhunjhunwala, former Group Managing Director of Reliance Communications.
Jhunjhunwala’s arrest was in connection with a separate alleged loan fraud of ₹2,929.05 crore also involving SBI.
Anil Ambani’s Insolvency Proceedings
In a related move, the National Company Law Tribunal (NCLT) recently initiated personal insolvency resolution proceedings against industrialist Anil Ambani.
This action stems from his role as a personal guarantor for loans extended to Reliance Communications (RCOM) and Reliance Infratel Ltd (RITL). Ambani’s legal team plans to review and challenge the NCLT order.