Enforcement Directorate Takes Action

In a significant move, the Enforcement Directorate (ED) has arrested Partha Biswal, Managing Director of Biswal Tradelink Pvt Ltd (BTPL), in connection with a Rs 68-crore fake bank guarantee scandal. The arrest precedes the questioning of Anil Ambani of Reliance ADAG, highlighting the seriousness of the allegations.

The Allegations

The ED claims that Reliance Power Ltd, part of the Anil Ambani ADAG group, paid Rs 5.4 crore to BTPL for a bank guarantee that was allegedly forged. The special court has granted ED custody of Biswal until August 6, during which he is expected to be confronted with Anil Ambani.

Investigation Details

ED's investigation revealed that BTPL, incorporated in 2019, had at least seven undisclosed bank accounts with transactions disproportionate to its declared turnover. Searches were conducted at premises in Bhubaneswar and Kolkata, uncovering evidence of the fake bank guarantee provided to SECI.

The agency has also issued a look out circular (LOC) against Anil Ambani, restricting his foreign travel ahead of his scheduled questioning on August 5 in Delhi.

Reliance Group's Response

The Reliance Group has reiterated its stance, stating that the company and its subsidiaries acted in good faith and were victims of fraud. They have made disclosures to the stock exchanges and lodged a criminal complaint with Delhi Police.