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SBI Fraud Satish Seth Arrest: The Enforcement Directorate has arrested former Reliance Anil Ambani Group official Satish Seth in Mumbai under the Money Laundering Act. The case pertains to a loan fraud of Rs 114.98 crore involving State Bank of India, in which Gautam Doshi is also involved. After their arrest, both these officers were produced in a local court in Mumbai. The investigating agency has got 48 hours transit remand of these two officers from the court and now they are being brought to Delhi.

Since this money laundering case has been registered in Delhi, the team of the investigating agency will present both of them in the Delhi court during the remand period. The Enforcement Directorate team will bring him to Delhi and seek custody for further questioning and detailed investigation. Satish Seth has been considered a very close and trusted associate of Anil Ambani for a long time. He has also served as Group Managing Director of Reliance Group and Vice-Chairman of Reliance Infrastructure.

Strict action after CBI investigation

This major economic crime started with the action of the Central Bureau of Investigation, which had registered this case in the month of March this year. CBI had registered a case against Satish Seth and Gautam Doshi and also raided many of their premises and locations. Based on this written complaint of CBI, the Enforcement Directorate has also started its investigation under the Money Laundering Act.

Fraud by group of eleven banks

According to the CBI investigation, State Bank of India was a key member of a large consortium or group comprising a total of 11 banks. The same group had sanctioned a total term loan facility of Rs 735 crore to Reliance Telecom Limited. These officials have been seriously accused of committing huge fraud and financial manipulation in the amount of Rs 114.98 crore from this sanctioned loan. Now the Enforcement Directorate is deeply investigating the actual roles of both Satish Seth and Gautam Doshi in this entire bank loan fraud case.