The Enforcement Directorate (ED) on Friday arrested Gautam Doshi and Satish Seth, former senior executives of Reliance Telecom and lengthy-time associates of industrialist Anil Ambani, in reference to its ongoing cash laundering investigation involving Reliance Group entities.
The 2 have been arrested in Mumbai. Doshi was dropped at Delhi and is ready to be produced earlier than a particular Prevention of Cash Laundering Act (PMLA) court docket. Seth, nevertheless, was admitted to Mumbai’s JJ Hospital following his arrest.
In line with the ED, docs treating Seth didn’t allow his bodily manufacturing earlier than the court docket, prompting the company to hunt permission for his look by video conferencing. Subsequently, a Mumbai court docket granted the ED two days’ custody of Seth and issued a transit remand directing that he be produced earlier than a Delhi court docket on June 14.
The cash laundering case towards Anil Ambani, his group corporations and their associates is being investigated by a particular staff constituted on the ED headquarters in New Delhi.
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Doshi and Seth, together with Amitabh Jhunjhunwala, who’s presently in judicial custody, fashioned the core management staff of the Reliance Group below Ambani. Doshi had earlier been arrested by the CBI in the 2G spectrum allocation case in 2011 and spent seven months in jail earlier than securing bail.
In March this 12 months, the Central Bureau of Investigation (CBI) registered a recent corruption case towards Doshi and Seth over an alleged financial institution fraud exceeding ₹100 crore. The company additionally performed searches at their Mumbai premises and questioned the trio primarily based on a criticism filed by the State Financial institution of India (SBI), which led a consortium of 11 banks that had prolonged loans to Reliance Telecom.
Satish Seth beforehand served as managing director of Reliance Communications, vice-chairman of Reliance Infrastructure and a board member of Reliance Telecom Ltd. Doshi was group managing director and in addition served on the board of Reliance Telecom. Jhunjhunwala, who was the primary among the many three to be arrested by the ED, held positions as group managing director and vice-chairman of Reliance Capital.
Earlier, a spokesperson for Anil Ambani stated that each one three executives had ceased to be related to the Reliance Group. In line with the spokesperson, Jhunjhunwala had been working as an impartial fund supervisor with operations in Dubai and Singapore earlier than his arrest, whereas Seth was concerned in actual property and software program companies.
Doshi, in the meantime, was related to a tax and mergers and acquisitions advisory agency and in addition served on the boards of a number of main corporations, together with Sterlite Industries, Solar Pharma, Suzlon Power and Piramal Enterprises, the spokesperson had stated.
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