Key Points:
✔ First Arrest Made – ED detains BTPL MD Partha Sarathi Biswal in money laundering case tied to Anil Ambani’s firms.
✔ Fake Bank Guarantees – BTPL allegedly forged SBI documents to secure Rs 68.2 crore in fraudulent guarantees.
✔ Ambani Link Exposed – ED traces Rs 5.4 crore transaction from Reliance Power to BTPL for facilitating the scam.
ED Makes First Arrest in Rs 3,000-Crore Loan Fraud Case Involving Anil Ambani-Linked Firms
In a significant escalation of its probe into a high-profile money laundering case, the Enforcement Directorate (ED) has arrested Partha Sarathi Biswal, Managing Director of Biswal Tradelink Pvt. Ltd. (BTPL), under the Prevention of Money Laundering Act (PMLA), 2002. This marks the first detention in a sprawling investigation connected to alleged financial irregularities involving companies tied to industrialist Anil Ambani.
The arrest follows extensive searches by the ED at BTPL’s offices in Bhubaneswar and Kolkata, a day before Biswal was taken into custody. The case originated from an FIR filed by Delhi Police’s Economic Offences Wing (EOW), which accused BTPL and its directors of submitting a fake bank guarantee to the Solar Energy Corporation of India (SECI)—a government-backed renewable energy agency.
Forgery & Fraudulent Transactions Uncovered
According to ED findings, BTPL allegedly arranged counterfeit bank guarantees worth Rs 68.2 crore, backed by forged documents purportedly issued by the State Bank of India (SBI). Investigators revealed that the accused used spoofed SBI email IDs to fabricate confirmation emails, deceiving authorities into accepting the fraudulent guarantees.
Anil Ambani Connection Under Scanner
A critical revelation in the probe is the alleged transfer of Rs 5.4 crore from Reliance Power Ltd.—a company under Anil Ambani’s Reliance Group—to BTPL. The ED claims this payment was made to facilitate the fake bank guarantee, establishing a direct financial link between BTPL’s illicit operations and Ambani’s corporate empire.
What’s Next?
With the first arrest made, the ED is expected to intensify its scrutiny of financial trails and corporate transactions involving other entities in the case. Legal experts suggest this could lead to more high-profile detentions as the investigation unfolds.
As the probe deepens, questions arise over corporate governance and financial oversight in large conglomerates. Will this case trigger stricter regulations to prevent such frauds in the future? Only time will tell.
Leave a Reply