Doshi and Seth, former senior executives of the Reliance Group, have been arrested by the Enforcement Directorate (ED) in connection with an ongoing money laundering investigation linked to an alleged bank fraud case involving more than ₹100 crore.
The two were arrested in Mumbai. While Doshi was brought to Delhi to be produced before a special court under the Prevention of Money Laundering Act (PMLA), Seth was admitted to a hospital in Mumbai after his arrest. According to the agency, doctors treating Seth did not permit his physical production before a court, prompting the ED to seek permission for his appearance through video conferencing. A Mumbai court later granted the agency two days of transit remand and directed that he be produced before a Delhi court on June 14.
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ED Pursues Former Reliance Executives
The ED’s case involving Anil Ambani, group entities and associates is being handled by a special investigation team constituted at the agency’s headquarters.
Doshi and Seth were described as part of the core leadership team of Ambani, alongside Amitabh Jhunjhunwala, who is currently in judicial custody. Doshi had earlier been arrested by the CBI in 2011 in connection with the 2G spectrum case and remained in jail for seven months before securing bail.
Case Linked to Alleged Bank Fraud
In March, the CBI registered a fresh anti-corruption FIR against Seth and Doshi in connection with an alleged bank fraud exceeding ₹100 crore.
The agency also carried out searches at their premises in Mumbai and questioned the three executives following a complaint lodged by the State Bank of India, which was the lead bank in a consortium of 11 banks that had extended loans to Reliance Telecom.
According to the report, the ED’s money laundering investigation stems from allegations connected to the banking case and related transactions.
Former Roles and Group Response
Seth previously served as Managing Director of Reliance Communications, vice-chairman of Reliance Infrastructure Ltd and a board member of Reliance Telecom Ltd. Doshi served as group Managing Director and was also a board member of Reliance Telecom. Jhunjhunwala, who was arrested earlier by the ED, served as group Managing Director and vice-chairman of Reliance Capital.
A spokesperson for Ambani had earlier told The Times of India that the three former executives were no longer associated with the Reliance Group. According to the statement, Jhunjhunwala was an independent fund manager with operations in Dubai and Singapore before his arrest, while Seth was engaged in real estate and software ventures.
The spokesperson also said Doshi was associated with a tax and mergers and acquisitions advisory firm and served on the boards of several companies, including Sterlite Industries, Sun Pharma, Suzlon Energy and Piramal Enterprises.
