In a significant development in the money laundering investigation related to business entities owned by industrialist Anil Ambani, the Enforcement Directorate (ED) has arrested Partha Sarathi Biswal, Managing Director of Bhubaneswar-based Biswal Tradelink, in connection with a suspected fake bank guarantee racket.
The arrest was made under the Prevention of Money Laundering Act (PMLA) following a series of extensive searches conducted by the ED at the offices of Biswal Tradelink Pvt Ltd (BTPL) in Bhubaneswar and Kolkata. The case originates from an FIR lodged by the Economic Offences Wing (EOW) of the Delhi Police, accusing BTPL, its directors, and others of issuing a forged bank guarantee submitted to the Solar Energy Corporation of India (SECI).
According to ED sources, the company allegedly issued forged bank guarantees to several business entities in exchange for an 8% commission. Among the cases under investigation is a ₹68.2 crore bank guarantee submitted to the Solar Energy Corporation of India Ltd (SECI) on behalf of Reliance NU BESS Ltd — a subsidiary of Anil Ambani-led Reliance Power — which was later found to be fake.
The case stems from a November 2024 FIR filed by the Delhi Police Economic Offences Wing (EOW). During earlier searches at Reliance Group offices in Mumbai, the ED reportedly recovered documents linked to this transaction.
Crucially, the ED has found that Biswal Tradelink Pvt Ltd (BTPL) allegedly received ₹5.4 crore from Reliance Power Ltd.—a company owned by Anil Ambani—in connection with the issuance of the fake bank guarantee. Officials describe this financial trail as a pivotal link connecting BTPL’s fraudulent activities to the broader corporate network of the Reliance Group.
A Reliance Group spokesperson clarified that Reliance Power is a “victim of fraud, forgery, and conspiracy” and had filed a criminal complaint against the accused company in October 2024. Disclosures were made to stock exchanges on November 7, 2024.
The ED has uncovered additional suspicious financial dealings involving multiple firms. It is alleged that Biswal Tradelink operated several undisclosed bank accounts and conducted transactions far exceeding its declared turnover. At least seven such accounts have been identified.
Further, the company is accused of impersonating the State Bank of India (SBI) using a deceptive email domain — s-bi.co.in — closely resembling SBI’s official domain sbi.co.in. This fake domain was reportedly used to send forged communication to SECI. The ED has approached the National Internet Exchange of India (NIXI) for domain registration data.
Preliminary findings suggest the company also facilitated fake bills and routed high-value transactions through undisclosed accounts. Its registered office was found to be a residential address with no company records, raising questions about its operational legitimacy. ED sources also claim that key individuals were using Telegram’s disappearing messages feature to hide communications.
The investigation is ongoing.
(With inputs from PTI)
