The Enforcement Directorate (ED) has made the first arrest in an important development in the money laundering investigation related to industrialist Anil Ambani owned by industrialist Anil Ambani. Partha Sarathi Biswal, Managing Director of Biswal Tradalink Private Limited (BTPL), was detained under the provisions of Money Laundering Act (PMLA), 2002. The arrest was made by the ED a day after a thorough search of the BTPL premises in Bhubaneswar and Kolkata. The case is related to the FIR filed by Delhi Police’s Economic Offenses Branch (EOW) for allegedly issuing fake bank guarantee against BTPL, its directors and others against BTPL, its directors and others.

Also read: ED issued summons to Anil Ambani! Case of loan fraud, investigation included allegations of fake bank guarantee of crores in investigation

According to the ED investigation, BTPL prepared a fake bank guarantee of Rs 68.2 crore from fraud, for which fake confirmation emails were prepared using State Bank forged support and fake SBI Email ID. This fake guarantee was used to support a tender issued by SECI. The important thing is that the ED has revealed that BTPL had allegedly received Rs 5.4 crore for fake bank guarantee from Anil Ambani’s company Reliance Power Limited. Officials say this financial clue is a major element connecting BTPL’s fraud work to Ambani’s corporate network.

Also read: Anil Ambani Loan Fraud | ED summoned Anil Ambani for questioning on August 5 in debt fraud case

Investigations have also revealed that a relatively anonymous company BTPL opened several undisclosed bank accounts and made financial transactions that were more than its alleged business. Authorities have detected criminal income of crores of rupees in at least seven hidden bank accounts. The agency claims that regulatory violations are happening extensively. Legal records including accounting and shareholder register were missing from the company’s registered office. The ED suspects that fake directors are being used to hide real ownership and to make money refinement possible.