Mumbai, June 13 : The Enforcement Directorate (ED) has arrested two former executives of the Reliance Anil Ambani Group under the Prevention of Money Laundering Act (PMLA) in Mumbai, according to officials.

The probe agency took transit remand of Satish Seth and Gautam Doshi, who previously served as directors of Reliance Telecom Ltd.

The CBI had booked and raided the premises of the duo in March as part of its investigation into an alleged loan fraud worth Rs 114.98 crore at the State Bank of India (SBI).

Seth has previously served as Vice Chairman of Reliance Infrastructure. He will be produced in a Delhi court for further custody.

In a statement, a Reliance Group spokesperson said that "Satish Seth (age 70 years) and Gautam Doshi (age 73 years) are not associated with the Group".

"Seth served the Group as a Group Managing Director and as a Director on the Boards of several companies. Seth left the Group in 2025. Gautam Doshi served the Group as a Group Managing Director and as a Director on the Boards of several companies, both within and outside the Group. Doshi left the Group six years ago, in 2020," the spokesperson added.

The 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, the CBI had arrested Reliance Communications' former Group Managing Director, Amitabh Jhunjhunwala, in connection with the loss of Rs 2,929.05 crore caused to the SBI by the company in alleged loan fraud, officials said. He was produced before the court, following which the CBI formally arrested him.

Meanwhile, the National Company Law Tribunal (NCLT) on Thursday admitted a plea filed by the SBI and initiated personal insolvency resolution proceedings against industrialist Anil Ambani in his capacity as a personal guarantor for loans extended to Reliance Communications (RCOM) and Reliance Infratel Ltd (RITL).

Reacting to the decision, a spokesperson for Anil Ambani said that the order, once available, will be reviewed by his legal team and challenged through appropriate legal remedies, as advised. "Mr Ambani remains confident of vindicating his position before the appropriate forums," the spokesperson added.

/IANS