Former Reliance MD Sateesh Seth gets 14-day judicial custody in money laundering case

A Delhi court on Thursday sent former managing director of the Reliance Anil Ambani Group, Sateesh Seth, to 14 days of judicial custody in a money laundering case linked to alleged hawala money transfers.

Vacation Judge Rashmi Gupta ordered Mr. Seth's judicial custody until July 2, following the completion of his custodial interrogation by the Enforcement Directorate (ED).

The court permitted Mr. Seth to carry his glasses and medicines as per a doctor's prescription while in custody. It also directed jail authorities to decide on his request for a bed in accordance with the jail manual.

Mr. Seth was produced before the court a day before the expiry of his six-day ED custody, which was granted on June 14.

The ED arrested him in a case arising from allegations that funds were siphoned abroad through hawala channels by creating fictitious bills against allegedly overvalued diamond imports.

According to the agency, its investigation under the Prevention of Money Laundering Act (PMLA) identified Reliance Infrastructure Ltd. as the primary beneficiary of a large-scale financial fraud involving the alleged diversion of public funds from two National Highways Authority of India (NHAI) road projects: the Jaipur-Reengus toll road project and the Trichi-Karur toll road project.

The agency alleged that Reliance Infrastructure was among the corporate entities that used shell companies to transfer funds abroad, siphoning off about ₹92 crore.

The ED registered an Enforcement Case Information Report based on a First Information Report (FIR) lodged by the Mumbai Police in February.

On June 14, the court had granted six days of ED custody, stating that considering the nature of the allegations and Mr. Seth's alleged role, detailed and sustained interrogation was necessary for the investigation.

Mr. Seth has not been convicted and is presumed innocent until proven guilty. The case is under further investigation.