ED arrests Biswal Tradelink MD Partha Sarathi Biswal for submitting fake guarantees worth ₹68.2 crore linked to Reliance Power
🔍 Key Highlights of the Case
- ₹3,000 crore loan fraud linked to Anil Ambani’s Reliance Group under probe
- First arrest made: Partha Sarathi Biswal, MD of Biswal Tradelink Pvt Ltd
- Fake bank guarantees submitted to Solar Energy Corporation of India (SECI)
- Lookout circular issued against Anil Ambani
🚨 ED Makes First Arrest in Anil Ambani Loan Scam
In a major development in the ₹3,000-crore loan fraud involving Anil Ambani’s Reliance Group, the Enforcement Directorate (ED) has made its first arrest. Partha Sarathi Biswal, Managing Director of Biswal Tradelink Pvt Ltd, was taken into custody on Friday for submitting fake bank guarantees worth ₹68.2 crore.
The guarantees were allegedly arranged on behalf of Reliance Power and were intended for submission to the Solar Energy Corporation of India (SECI).
🕵️♂️ Fake Documents & Forged Emails Exposed
According to sources:
- The fraudulent bank guarantees were backed by forged email confirmations, using a spoofed domain “s-bi.co.in” resembling the official SBI domain.
- Biswal Tradelink received ₹5.4 crore from Reliance Power for facilitating the fake guarantees.
- The company operated seven undisclosed bank accounts and used dummy directors to handle paperwork.
⚖️ Legal Action & ED Custody
Partha Sarathi Biswal was produced in a special PMLA court, which granted the ED his custody until Wednesday. He has been arrested under the Prevention of Money Laundering Act (PMLA), 2002
🧾 FIR & Wider Investigation
The case originated from an FIR filed by the Economic Offences Wing (EOW) of Delhi Police, which accused Biswal Tradelink and its directors of financial fraud.
The ED has been investigating the diversion of ₹3,000 crore in loans granted by YES Bank to Reliance Group companies between 2017 and 2019. Reports suggest quid pro quo arrangements, with suspicious payments made to bank promoters before loans were sanctioned.
🚨 Anil Ambani Under the Radar
The arrest follows the issuance of a lookout circular against Anil Ambani in connection with the fraud. The ED has also raided over 50 premises linked to the case since July 24.
🏢 Reliance Group Responds
In response, Reliance Power issued a statement to stock exchanges, clarifying:
“The media reports appear to pertain to allegations concerning transactions of Reliance Communications Limited (RCOM) or Reliance Home Finance Limited (RHFL), which are over 10 years old.”
✅ Closing Note
This arrest marks a pivotal point in the ongoing investigation, signaling the beginning of stricter enforcement against financial fraud involving high-profile business groups. The case is likely to unfold further in the coming weeks.
Also Read : Sources: Lookout Notice Issued Against Anil Ambani in ₹3,000 Crore Loan Fraud Case
