Ex-RCom official sent to judicial custody till July 1
A Delhi court on Thursday remanded former Reliance Communications (RCom) senior executive Gautam Bhailal Doshi to judicial custody till July 1 in a money laundering case linked to the alleged diversion of loan funds worth over Rs 40,000 crore. Vacation Judge Rajesh Malik sent Doshi to jail on being produced following the expiry of five days of custody granted to the agency on June 13.
Doshi, a former senior officer of RCom, was arrested by the ED in connection with its probe under the Prevention of Money Laundering Act (PMLA). The ED had arrested Doshi and brought him to Delhi from Mumbai on transit remand.
The ED had alleged that its investigation revealed a fund trail involving diversion of loan funds from Reliance ADA Group entities to foreign remittances, offshore companies and foreign bank accounts.
According to the agency, loans availed from banks were allegedly not utilised for their intended purposes and were instead invested in mutual funds and transferred to group companies. The ED had told the court that Doshi occupied a position of substantial authority and control within the Reliance ADA Group and was closely associated with its financial, corporate and offshore operations.
The agency alleged that he functioned as one of the group managing directors of the Reliance ADA Group, was a director of Reliance Telecom Ltd during the relevant period and also served as a member of its audit committee.
