In a big improvement within the cash laundering investigation associated to enterprise entities owned by industrialist Anil Ambani, the Enforcement Directorate (ED) has arrested Partha Sarathi Biswal, Managing Director of Bhubaneswar-based Biswal Tradelink, in reference to a suspected pretend financial institution assure racket.
The arrest was made below the Prevention of Cash Laundering Act (PMLA) following a collection of intensive searches carried out by the ED on the places of work of Biswal Tradelink Pvt Ltd (BTPL) in Bhubaneswar and Kolkata. The case originates from an FIR lodged by the Financial Offences Wing (EOW) of the Delhi Police, accusing BTPL, its administrators, and others of issuing a solid financial institution assure submitted to the Photo voltaic Power Company of India (SECI).
In accordance with ED sources, the corporate allegedly issued solid financial institution ensures to a number of enterprise entities in trade for an 8% fee. Among the many circumstances below investigation is a ₹68.2 crore financial institution assure submitted to the Photo voltaic Power Company of India Ltd (SECI) on behalf of Reliance NU BESS Ltd — a subsidiary of Anil Ambani-led Reliance Energy — which was later discovered to be pretend.
The case stems from a November 2024 FIR filed by the Delhi Police Financial Offences Wing (EOW). Throughout earlier searches at Reliance Group places of work in Mumbai, the ED reportedly recovered paperwork linked to this transaction.
Crucially, the ED has discovered that Biswal Tradelink Pvt Ltd (BTPL) allegedly obtained ₹5.4 crore from Reliance Energy Ltd.—an organization owned by Anil Ambani—in reference to the issuance of the pretend financial institution assure. Officers describe this monetary path as a pivotal hyperlink connecting BTPL’s fraudulent actions to the broader company community of the Reliance Group.
A Reliance Group spokesperson clarified that Reliance Energy is a “sufferer of fraud, forgery, and conspiracy” and had filed a felony criticism towards the accused firm in October 2024. Disclosures have been made to inventory exchanges on November 7, 2024.
The ED has uncovered extra suspicious monetary dealings involving a number of companies. It’s alleged that Biswal Tradelink operated a number of undisclosed financial institution accounts and carried out transactions far exceeding its declared turnover. A minimum of seven such accounts have been recognized.
Additional, the corporate is accused of impersonating the State Financial institution of India (SBI) utilizing a misleading e-mail area — s-bi.co.in — intently resembling SBI’s official area sbi.co.in. This pretend area was reportedly used to ship solid communication to SECI. The ED has approached the Nationwide Web Change of India (NIXI) for area registration information.
Preliminary findings recommend the corporate additionally facilitated pretend payments and routed high-value transactions via undisclosed accounts. Its registered workplace was discovered to be a residential deal with with no firm information, elevating questions on its operational legitimacy. ED sources additionally declare that key people have been utilizing Telegram’s disappearing messages characteristic to cover communications.
The investigation is ongoing.
(With inputs from PTI)
