Mr Baid, it said, is the promoter and director of a firm called Ms Sidhhi Vinayak Logistic Limited.
"The investigations revealed that the loan amount of Rs 836.29 crore was disbursed for the purchase of vehicles to various companies on the directions of Baid to the bank authorities for a scheme called 'Chalak se Malak' (driver to owner) for drivers by Baid.
"After disbursement of the loan to these companies, the loan money was circulated through chain of group associate companies through a series of unsecured loan and fraudulent transactions," the agency said in a statement.
Mr Baid, they said, is the "mastermind" behind the criminal act of money laundering by embezzlement of bank loans which was obtained using forged documents.
"He (Baid) had made his wife, sons, daughter-in-laws, employees as directors in several companies through which money was layered," it said.
"Chokhara, in his capacity as one of the Directors of Ms Kanika Gems Private Limited has indulged in submitting forged import documents including bills of entry and invoices to IndusInd Bank with the intent to fraudulently remit foreign exchange.
"Multiple duplicates of each Bill Of Entry were made and submitted to different banks to show legitimate imports," the agency said.
"Investigation, so far, has revealed that from Ms Kanika Gems alone, an amount of about Rs 240 crore has been remitted on forged bills of entry to the overseas accounts in Hong Kong and UAE," it said.
Both the arrests were made under the provisions of the Prevention of Money Laundering Act (PMLA).