ED’s first arrest in loan fraud case related to Anil Ambani, transaction related to Reliance Power was revealed

After the FIR of EOW of Delhi Police, the ED has made a major action and made his first arrest in a loan fraud case of Rs 3000 crore. Odisha company Biswal Tradelink Pvt. Ltd. (BTPL) managing director Partha Sarathi Biswal has been arrested by ED in the case of money laundering.

According to ED, Reliance Power’s role in scam

The ED investigation has revealed that BTPL prepared a fake bank guarantee of Rs 68.2 crore through the fake endorsement of the State Bank of India and a fake bank guarantee of Rs 68.2 crore to participate in a tender of Solar Energy Corporation of India (SECI). ED says that BTPL received a payment of Rs 5.4 crore from Anil Ambani’s company Reliance Power Limited. This payment was made to prepare the same fake bank guarantee. This transaction connects the role of Reliance Power in this entire scam.

Recently raids were conducted on BTPL bases

The ED recently raided BTPL locations in Bhubaneswar and Kolkata. In which many bank accounts and transactions of the company were found, which were much more than the turnover of the company. The ED has been detected at least 7 secret bank accounts, in which crores were transferred.

Investigation also revealed that BTPL did not keep the necessary registers and accounts books in its office. The ED suspects that dummy directors were kept in the company so that the identity of the real owners could be hidden and the money can be easily moved around. After the arrest, Partha Sarathi Biswal was produced in the court, from where he has been sent to the ED custody till 6 August. At the same time, ED has also sent summons to Anil Ambani for questioning on 5 August.

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