Anil ambani loan fraud case: The Enforcement Directorate (ED) has made the first arrest in the loan fraud case of Rs 3,000 crore associated with Anil Ambani’s Reliance Group. Partha Sarathi Biswal, managing director of Biswal Tradalink Private Limited, was detained on Friday. He is accused of depositing a fake bank guarantee of Rs 68.2 crore to Solar Energy Corporation of India (SECI), which was reportedly given by Reliance Power.

Now ED will interrogate till Wednesday

Biswall has been arrested under the Prevention of Money Laundering Act (PMLA), 2002. According to sources, after the arrest, he was produced in the special court, after which he was sent to the custody of ED till Wednesday.

According to the information given by the sources, Biswal Tradalink, established in 2019, submitted fake guarantee through fake documents and fake email confirmation. During the investigation, it was found that these emails were sent from a fake domain ‘S-bi.co.in’, which is very similar to the State Bank of India official domain ‘sbi.co.in’.

The company gets so much crores of rupees from Reliance Power

The Economic Offenses Branch of Delhi Police (EOW) first registered a case on the basis of these conclusions and then further investigated, it was found that Biswal Tradalink Private Limited had received Rs 5.40 crore from Reliance Power Limited instead of this fake bank guarantee. The ED also disclosed at least seven undisclosed bank accounts associated with the firm, as well as the use of fake directors and not following the compulsory record-keeping norms.

8 percent commission in lieu of fake bank guarantee

The arrest of Partha Sarathi Biswal was made between 2017 and 2019 after a deep investigation into the case of suspected rigging of 3000 crore suspected rigging given by Yes Bank to Reliance Group companies. The ED on Friday searched Biswal Tradalink Private Limited’s three premises in Bhubaneswar and a collaborative company at Kolkata. Sources in the investigating agency allege that this company used to submit fake bank guarantee in exchange for 8 percent commission.

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