The Enforcement Directorate on Friday arrested Satish Seth, a former Director of M/s Reliance Telecom Ltd. in the alleged bank fraud money laundering case.
Seth has previously served as Vice Chairman of M/s Reliance Infrastructure and has been arrested by ED in Mumbai. Sources have said that transit remand has been granted for 48 hours. He will be produced in Delhi court for further custody.
The CBI has booked and raided Seth's premises earlier in March as part of its investigation into an alleged loan fraud worth Rs 114.98 crore at the State Bank of India (SBI).
"SBI was a member of the consortium of 11 banks which had sanctioned a total of Rs 735 crore Term Loan facility to Reliance Telecom Ltd," the CBI had said.
The ED is understood to have taken cognisance of this CBI complaint and is investigating the roles of Seth and Doshi in this bank loan fraud case.
Earlier in June, CBI had arrested a former Group Managing Director of Reliance Communications, Amitabh Jhunjhunwala, in connection with the loss of Rs 2,929.05 crore caused to the State Bank of India by the company in alleged loan fraud, officials said.
Jhunjhunwala, who was already in judicial custody and lodged in Tihar Jail in the national capital in connection with an ongoing investigation by the Enforcement Directorate, was taken to Mumbai by the CBI after production warrants were issued by a special court there, they said.
He was produced before the court, following which the CBI formally arrested him.
"He was brought to Mumbai and produced before the court on June 01, 2026. After his production, the CBI effected his formal arrest, which was taken on record by the court. Thereafter, the accused was remanded to judicial custody in the RCom case of the CBI and sent to Arthur Road Jail.
(With inputs from PTI)
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