Former Reliance Group MD Sateesh Seth Sent to ED Custody for Six Days

On June 14, 2014, the Enforcement Directorate (ED) confirmed that Sateesh Seth – who once served as Managing Director of Reliance Group – was remanded to custody for a period of six days. The move comes amid a broader investigation into alleged money‑laundering activities linked to the conglomerate.

According to officials, the ED’s decision to keep Seth behind bars was taken after a magistrate’s court found sufficient ground to deny his bail. The court’s order, which was read out in a modest courtroom, specified that the accused would remain in custody until a further hearing scheduled for the following week.

Seth’s legal counsel, who chose to remain unnamed, argued that the former MD has cooperated fully with investigators and that a six‑day custodial stint would be “unduly harsh.” The lawyer added, somewhat apologetically, that they would file an appeal against the magistrate’s ruling as soon as possible.

For context, Sateesh Seth joined Reliance Group in the early 2000s and rose through the ranks to become MD of its power‑generation arm. He stepped down from the role in late 2012, citing personal reasons. Since then, he has kept a low profile, appearing at only a handful of industry events.

The ED, which is tasked with probing financial crimes, said the custody was “necessary to ensure the integrity of the investigation.” While they did not disclose the exact nature of the alleged violations, insiders suggest the probe could involve the misuse of foreign exchange and shell companies.

Industry observers note that this is not the first time a senior Reliance executive has faced legal trouble. In recent years, the group has been under the scanner for several high‑profile investigations, though no conclusive verdicts have emerged yet.

As the case unfolds, many are watching closely to see whether Seth’s custody will be extended or if he will secure bail. The next hearing, slated for next Monday, will likely determine the next steps.