The Enforcement Directorate (ED) made its first arrest today (Saturday) in the loan fraud and money laundering case involving companies linked to Reliance Group Chairman and Managing Director Anil Ambani. Partha Sarathi Biswal, Managing Director of Biswal Tradelink Private Limited (BTPL), has been detained under the Prevention of Money Laundering Act (PMLA), 2002. Biswal will remain in ED custody until August 6.
This action by the ED follows the raids conducted at BTPL's locations in Bhubaneswar and Kolkata. It is alleged that Biswal provided a fake bank guarantee to the Solar Energy Corporation of India (SECI). On August 1, the ED issued a lookout circular against Anil Ambani.
Fake SBI Emails and INR 68.2 Crore Fraud
The ED investigation revealed that BTPL committed fraud worth INR 68.2 crore. BTPL allegedly created a fake bank guarantee using a false SBI approval letter and spoofed email IDs. This guarantee was provided in a SECI tender process.
INR 5.4 Crore Received from Reliance Power
According to the ED, INR 5.4 crore was received by BTPL from Reliance in exchange for the forged SBI bank guarantees.
ED officials state that the financial transactions between BTPL and Reliance are crucial for this investigation.
Discovery of 7 Secret Bank Accounts
The investigation further uncovered that BTPL, established in 2019, engaged in extensive financial transactions beyond its income, revealing several hidden bank accounts where crores were transacted.
Anil Ambani to be Questioned on August 5
ED has summoned Anil Ambani for questioning on August 5 in connection with this case.
What Did Reliance Group Say About the ED Investigation?
Reacting to the ED's investigation in the bank guarantee case, the Reliance Group stated that they and their affiliate companies were operating in good faith. They consider themselves victims of fraud, forgery, and conspiracy. Essential information related to this case was provided to the stock exchange on November 7, 2024.
The company also disclosed that it filed a criminal complaint against a third party with the Economic Offenses Wing (EOW) of Delhi Police on October 16, 2024.
