Bhubaneswar: The Enforcement Directorate (ED) has arrested Partha Sarathi Biswal, the Managing Director of M/s Biswal Tradelink Pvt. Ltd. (BTPL), in a money laundering case. The arrest, made on August 1, 2025, is in connection with an alleged fake bank guarantee racket.
According to the ED, Shri Biswal’s company fraudulently arranged and submitted a fake bank guarantee of ₹68.2 crore to the Solar Energy Corporation of India Limited (SECI) on behalf of Reliance Nu Bess Ltd., a subsidiary of Reliance Power Limited. The ED alleges that BTPL received a commission of ₹5.4 crore from Reliance Power for this service. The fraudulent activity involved forged State Bank of India (SBI) endorsements and fabricated emails using a spoofed domain.
The investigation, which stems from a November 2024 FIR filed by the Delhi Police’s Economic Offences Wing (EOW), revealed that BTPL, a small company incorporated in 2019, had multiple undisclosed bank accounts and conducted transactions disproportionate to its declared turnover. The ED claims to have traced crores of rupees in “proceeds of crime” to these accounts. Additionally, the probe found that the company’s registered office was a residential property with no statutory records and that dummy directors were used.
Shri Biswal was produced before a Delhi court, which granted the ED his custody until August 6, 2025. This arrest is the first in a broader investigation into an alleged loan fraud case linked to the Anil Dhirubhai Ambani Group (ADAG). Anil Ambani has also been summoned by the ED for questioning on August 5, and a lookout circular has been issued against him.
In response to the allegations, Reliance Power has stated that it was a victim of fraud, forgery, and a cheating conspiracy, and that it had filed a criminal complaint against BTPL with the Delhi Police EOW in October 2024. SECI had previously barred Reliance Power from its tenders for three years in November 2024 after the fraudulent bank guarantee was discovered.