Former Reliance Executives Arrested in Major Fraud Investigation

In a significant development, the Enforcement Directorate has arrested former Reliance executives Satish Seth and Gautam Doshi in connection with a major fraud investigation linked to Reliance Telecom. The arrests follow a series of inquiries initiated by the CBI, which allege conspiracy and cheating against the executives. The ED's ongoing investigation has revealed substantial financial misconduct, leading to asset attachments worth over Rs. 19,344 Crore. This case highlights the serious allegations of bank fraud involving multiple financial institutions and prominent figures within the Reliance Anil Ambani Group. As the investigation unfolds, further details are expected to emerge regarding the extent of the alleged fraud and the involvement of other key individuals.

By Narendra Chaudhary Jun 12, 2026, 23:49 IST

Arrests Made in Connection with Reliance Telecom Fraud Case

Mumbai: On Friday, the Enforcement Directorate (ED) apprehended Satish Seth, who previously held the position of Group Managing Director at the Reliance Anil Ambani Group and served as Vice-Chairman of Reliance Infrastructure. The arrest took place in Mumbai, as confirmed by officials. Seth has also been a director at Reliance Telecom. The ED has secured a 48-hour transit remand for him, after which he will be presented in a Delhi court for further proceedings. In a related development, another former executive of the Anil Ambani Group, Gautam Doshi, was also arrested in Mumbai and is being transported to Delhi. Neither the ED nor the Reliance Anil Ambani Group has released any official comments regarding these arrests. Earlier in June, the CBI had taken into custody Amitabh Jhunjhunwala, another former high-ranking official of the Anil Ambani Group, in connection with the bank fraud investigation.

Details of the Case: According to officials, the ED's investigation into money laundering is linked to an FIR filed by the CBI in March. This FIR was initiated concerning the Reliance Telecom case. The CBI's complaint alleges that Reliance Telecom Ltd., along with directors Satish Seth and Gautam Doshi, engaged in conspiracy and cheating under the Indian Penal Code, as well as misconduct and abuse of power under the Prevention of Corruption Act. The complaint was lodged by the State Bank of India, claiming that the bank was defrauded, resulting in a loss of approximately Rs. 114.98 Crores. The State Bank of India was part of a consortium of 11 banks that had approved a total loan facility of Rs. 735 crores to Reliance Telecom Ltd. Following the FIR, the CBI conducted searches at the residences of Seth and Doshi, as well as at the registered office of Reliance Telecom Ltd.

ED's Ongoing Investigation: The ED's inquiry was initiated based on several FIRs filed by the CBI, prompted by complaints from the State Bank of India, Punjab National Bank, Bank of Baroda, and Life Insurance Corporation of India against RCOM, Anil Ambani, and others. The federal agency has also established a Special Investigation Team (SIT) under the Supreme Court's directive to investigate cases involving the Reliance Anil Ambani Group (RAAG) related to the diversion and laundering of public and bank funds. In May, the ED provisionally attached assets worth Rs. 3034.90 Crore in the Reliance Communications Ltd. bank fraud case, raising the total asset attachment in cases involving the Reliance Anil Ambani Group to over Rs. 19,344 Crore. RCOM and its associated companies have outstanding loans totaling Rs. 40,185 Crore from both domestic and international lenders.

In March, after the CBI questioned Amitabh Jhunjhunwala, Satish Seth, and Gautam Doshi regarding the bank fraud case, the Reliance Anil Ambani Group issued a statement confirming that Seth was being questioned in relation to the RCOM fraud case stemming from the FIR filed by the State Bank of India. The CBI also summoned Gautam Doshi for questioning on the same day. Additionally, the CBI had interrogated Amitabh Jhunjhunwala over three days prior to Anil Ambani’s scheduled appearance on March 19 and 20. Jhunjhunwala had also served as Vice Chairman of Reliance Capital.

All three individuals are no longer affiliated with the Reliance Group, having served under Anil Ambani for over 15 years. Seth and Jhunjhunwala were part of the unified Reliance Group and had been associated with Reliance Industries Limited for more than two decades before the group's demerger. Currently, Jhunjhunwala operates as an independent fund manager in Dubai and Singapore, while Seth is involved in real estate and software ventures alongside his family. Doshi leads a notable tax and mergers & acquisitions advisory firm and serves on the boards of several major companies, including Sterlite Industries, Sun Pharma, Suzlon Energy, and Piramal Enterprises.