AMN / WEB DESK
The Directorate of Enforcement (ED) on Saturday has made its first arrest in ₹3,000-crore loan fraud case against Anil Ambani, according to a report by India Today. Managing Director of Biswal Tradelink Pvt Ltd (BTPL), Partha Sarathi Biswal, was taken into custody under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The ED has uncovered that BTPL allegedly received ₹5.4 crore from Reliance Power Ltd—a company owned by Anil Ambani—for facilitating the fake bank guarantee. This financial trail, officials say, is a key element linking BTPL’s fraudulent operations to Ambani’s corporate network
The arrest was made a day after ED had issued a lookout notice against Anil Ambani in connection with the case.
The Economic Offences Wing of the Delhi Police had filed a first information report (FIR) that Biswal Tradelink – which was founded in 2019 – and its directors submitted fake bank guarantees worth Rs 68.2 crore to the Solar Energy Corporation of India. Sources said investigations revealed that these guarantees were backed by forgeries and fabricated email confirmations – using a spoofed domain, ‘s-bi.co.in’, which is very close to the domain of the SBI (sbi.co.in)
The ED found that Biswal Tradelink had fraudulently received Rs 5.4 crore from Reliance Power for arranging the fake guarantees and had been operating at least seven undisclosed bank accounts.
ED Issues lookout circular against Anil Ambani ?
The Enforcement Directorate (ED) has issued a lookout circular (LOC) against industrialist Anil Ambani as it investigates allegations of loan fraud worth thousands of crores against his group companies, Hindustan Times reported quoting people familiar with the development.
A LOC is issued to prevent a person of interest from leaving the country and evading the legal process.
“We have issued a LOC against Anil Ambani and issued summons to him on August 5 asking him to appear in Delhi for recording his statement under the PMLA in the loan fraud probe,” said an officer. He said Anil Ambani was likely to be asked about various loans and findings of market regulator, Securities and Exchange Board of India (Sebi)., reports HT
The financial crimes probe agency last week carried out searches at the premises of 50 companies and 25 people, including senior executives of Reliance Anil Dhirubhai Ambani Group companies.