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ED arrests Biswal Tradelink’s MD in fake bank guarantee case, to confront him with Anil Ambani

41 min ago

The Enforcement Directorate (ED) has arrested Partha Sarathi Biswal, managing director of Biswal Tradelink Private Limited (BTPL), in connection with an alleged fake bank guarantee case. “A probe has revealed that BTPL fraudulently arranged and submitted fake bank guarantees of Rs 68.2 crore along with forged State Bank of India (SBI) endorsements and fabricated confirmations for a Solar Energy Corporation of India (SECI) tender. For providing this bank guarantee, BTPL received Rs 5.40 crore from Reliance Power Limited,” an official said. Seven days after searching multiple locations in Mumbai linked to Anil Ambani, the ED has summoned the industrialist on August 5 to join the investigation into a money laundering case linked to a multi-crore bank loan fraud involving companies of the Reliance Anil Dhirubhai Ambani Group. The ED has also issued a lookout circular (LOC) to prevent him from travelling abroad. BTPL was one of the companies where the ED recently conducted searches. Biswal's arrest was made on August 1 and he was produced before a Delhi Court, which sent him to their custody till August 6. "We are planning to confront him with Anil Ambani during questioning and will try to verify some facts," an official said. The ED has initiated its investigation against BTPL based on an FIR registered by the Economic Offences Wing (EOW), Delhi Police, against the firm, its directors and others, for allegedly providing a fake bank guarantee which was submitted to SECI. “During the investigation, the ED has collected several pieces of evidence and they confirmed the use of fake documents in the name of certain banks and fake email IDs in the name of SBI. Probe has also revealed that BTPL, a small company incorporated in 2019, maintained multiple undisclosed bank accounts and carried out transactions disproportionate to its declared turnover. Many violations of the Companies Act are found, and no statutory records are found at registered addresses, such as books of accounts, shareholders’ registers, etc,” the official said. The probe also revealed that dummy directors were used solely to sign documents, and found at least seven undisclosed bank accounts of the company. “Proceeds of crime, of crores of rupees, have been traced to these accounts,” the official added. A spokesperson for Reliance Power said the ED case related to a bank guarantee. “The company and its subsidiaries acted bona fide and have been a victim of fraud, forgery and a conspiracy. The company has made due disclosure on this to the stock exchanges on November 7, 2024. A criminal complaint in this regard has already been lodged with the Economic Offence Wing of Delhi Police against the third party on October 16, 2024. The due process of law will follow," said the spokesperson.