The Enforcement Directorate (ED) has arrested Partha Sarathi Biswal, the managing director of Biswal Tradelink Pvt Ltd (BTPL), for allegedly arranging fake bank guarantees worth `68.2 crore that were provided by Reliance Power Ltd for a Solar Energy Corporation of India Ltd (SECI) tender.
The agency now plans to bring Biswal face-to-face with Anil Ambani during the industrialist’s questioning on August 5 in the money laundering case linked to an alleged multi-crore bank loan fraud by Reliance ADAG group companies.
“Probe has revealed that BTPL fraudulently arranged and submitted fake bank guarantees of Rs 68.2 crores along with forged SBI endorsements and fabricated confirmations for a Solar Energy Corporation of India Limited (SECI) tender. For providing this bank guarantee, Rs 5.40 crore have been received by BTPL from Reliance Power Ltd,” the ED said in a statement.
The arrest comes seven days after the agency searched multiple locations in Mumbai linked to Ambani.
The ED is investigating allegations of illegal diversion of loans worth around `3,000 crore disbursed by Yes Bank to the group’s companies between 2017 and 2019. The probe agency is also examining whether there was a quid pro quo involved in the loan — specifically, if bribes were paid to bank officials, including Yes Bank promoters.
Besides summoning the industrialist for questioning, the ED has also issued a Look-out Circular (LOC) to prevent him from travelling abroad.
BTPL was also among the companies recently searched by the ED.
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Biswal was arrested on August 1 and was produced before a Delhi court, which sent him to the agency’s custody till August 6. “We are planning to confront him with Anil Ambani during questioning and will try to verify some facts,” an ED official said.
The ED initiated its investigation against the BTPL on the basis of an FIR registered by the Economic Offences Wing (EOW), Delhi Police, against BTPL, its directors and others, for allegedly providing fake bank guarantee, which was submitted to SECI.
“During 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.
Probe has also revealed that dummy directors were used just to sign the documents and at least seven undisclosed bank accounts of the company are found. “Proceeds of crime, of crores of rupees, have been traced to these accounts,” the official said.
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A spokesperson for Reliance Power said on the ED matter related to the bank guarantee case: “The company and its subsidiaries acted bonafidely and have been a victim of fraud, forgery and cheating 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.”
