The Reliance Group on Monday issued a clarification following the arrest of former senior executives Satish Seth and Gautam Doshi by the Enforcement Directorate (ED) in connection with an ongoing money laundering investigation.

In an official statement, a Reliance Group spokesperson said both executives are no longer associated with the company. According to the statement, Satish Seth, 70, who previously served as Group Managing Director and sat on the boards of several group companies, exited the group in 2025.

Gautam Doshi, 73, who also held the position of Group Managing Director and served on multiple boards within and outside the group, left the organisation in 2020.

ED arrests former Reliance executives in Mumbai

The clarification comes after the ED arrested Doshi and Seth in Mumbai as part of its ongoing probe into alleged financial irregularities linked to Reliance Group companies.

Officials said Doshi was brought to Delhi and is expected to be produced before a special court under the Prevention of Money Laundering Act (PMLA). Seth, meanwhile, was admitted to Mumbai’s JJ Hospital after his health deteriorated shortly after his arrest.

According to the ED, doctors treating Seth did not permit his physical production before the court, allowing officials to seek permission for a virtual appearance. A Mumbai court subsequently granted the agency two days of custody and issued a transit remand directing Seth to be produced before a Delhi court on June 14.

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Investigation linked to money laundering case

The money laundering case involving industrialist Anil Ambani, multiple group companies and associates is currently being investigated by a special team constituted at the ED headquarters in New Delhi.

Doshi and Seth were part of the core leadership team within the Reliance Group along with Amitabh Jhunjhunwala, who is already in judicial custody in connection with the same investigation.

Jhunjhunwala previously held key leadership roles, including Group Managing Director and Vice-Chairman of Reliance Capital.

CBI had launched separate bank fraud probe

Earlier this year, the Central Bureau of Investigation (CBI) registered a separate corruption case against Doshi and Seth over an alleged bank fraud exceeding Rs 100 crore.

The case stemmed from a complaint filed by State Bank of India, which led a consortium of 11 banks that had extended loans to Reliance Telecom.

As part of that investigation, the CBI conducted searches at properties linked to the accused in Mumbai and questioned all three former executives.

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Former executives held senior roles in group companies

Satish Seth previously served as Managing Director of Reliance Communications, Vice-Chairman of Reliance Infrastructure and board member at Reliance Telecom. Doshi was Group Managing Director and also served on the board of Reliance Telecom.

Earlier, the Reliance Group had said that all three executives had severed ties with the company before the current legal proceedings began.

According to the company, Jhunjhunwala had been working independently as a fund manager with operations in Dubai and Singapore, while Seth had moved into real estate and software businesses after leaving the group.

The spokesperson further said Doshi had been associated with a tax and mergers advisory firm and had served on the boards of several prominent Indian companies, including Sun Pharmaceutical Industries, Suzlon Energy and Piramal Enterprises.