New Delhi, June 16: The Enforcement Directorate (ED) has arrested two senior former executives of the Reliance Anil Dhirubhai Ambani Group (ADAG) in connection with an ongoing money laundering investigation under the Prevention of Money Laundering Act (PMLA), 2002.
The agency said it arrested Satish Seth, former Managing Director of Reliance Infrastructure Ltd, and Gautam Doshi, former Group Managing Director of ADAG, on June 12. The arrests were made in connection with separate Enforcement Case Information Reports (ECIRs) registered against Reliance group companies.
According to the ED, Seth was arrested in a case linked to Reliance Infrastructure and other entities, while Doshi was arrested in a case involving Reliance Communications and related companies.
Investigators said both men held key positions within the ADAG group for several years and exercised significant control over major commercial and financial decisions of various group companies.
The ED alleged that Seth played a prominent role in the diversion of public funds associated with road construction projects executed by Reliance Infrastructure. The agency further claimed that Doshi was instrumental in creating and operating a complex corporate structure allegedly used for siphoning off proceeds of crime generated through Reliance Communications and Reliance Telecom.
The agency stated that Doshi had also been an authorised signatory for bank accounts of several ADAG-linked companies in India and abroad and was involved in matters relating to planning, compliance and risk management across the group.
Following his arrest, Seth was produced before the Special PMLA Court in Greater Mumbai, which granted transit remand. He was later presented before the Special PMLA Court at Dwarka, New Delhi, which remanded him to ED custody for six days.
Doshi was produced before the Special PMLA Court at Rouse Avenue, New Delhi, which sent him to ED custody for five days.
The ED said further investigation into the alleged money laundering and fund diversion is underway.
