New Delhi/Mumbai, Jun 12 (PTI) The Enforcement Directorate on Friday arrested two former executives of the Reliance Anil Ambani Group (RAAG) under the Prevention of Money Laundering Act (PMLA) in Mumbai, officials said.

The ED has taken transit remand of Sateesh Seth and Gautam Doshi, both of whom previously served as directors of Reliance Telecom Ltd., and is taking them to Delhi as the case is registered in the national capital, they said.

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

"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. PTI NES DIV DIV DIV

Money laundering probe over alleged bank loan fraud leads to arrests of former Reliance Telecom executives. The Enforcement Directorate arrested two former Reliance Anil Ambani Group executives under the Prevention of Money Laundering Act in connection with an alleged bank loan fraud involving Reliance Telecom Ltd. The agency took transit remand to move them to Delhi, where the case is registered. The ED is stated to have taken cognisance of a prior CBI complaint and is examining their roles in the alleged fraud.