ED Arrests BTPL MD In ₹68.2 Crore Fake Bank Guarantee Case Linked To Reliance Group Firms

The Enforcement Directorate (ED) has arrested Partha Sarathi Biswal, Managing Director of Odisha-based Biswal Tradelink Pvt. Ltd. (BTPL), in connection with a money laundering investigation involving the issuance of a fake bank guarantee worth Rs 68.2 crore to secure a contract from a central government public sector undertaking (PSU).

According to the agency, BTPL forged bank guarantees purportedly issued by the State Bank of India (SBI) in the name of two Reliance Group companies ,M/s Reliance NU BESS Limited and M/s Maharashtra Energy Generation Limited, both subsidiaries of Reliance Power under the Anil Ambani Group. These forged guarantees, along with fabricated endorsements and confirmation letters, were submitted as part of a bid for a Solar Energy Corporation of India (SECI) tender.

The ED’s investigation further revealed that BTPL received Rs 5.40 crore from Reliance Power Ltd. as payment for arranging the fake bank guarantee.

In its statement, the ED said Biswal used forged documents and spoofed email IDs, designed to mimic official SBI communications, to present the fake bank guarantees as genuine. The emails closely resembled authentic SBI correspondence, replicating domain names, formatting, and official language, in a deliberate attempt to mislead both authorities and financial institutions. These fabricated emails, along with the forged guarantees and confirmation letters, were submitted during the SECI bidding process to bolster their legitimacy, the agency added.

Biswal was produced before a special PMLA court in Delhi, which remanded him to ED custody till August 6 for further investigation. 

Sources in the Reliance Group (ADAG) have stated that the company and its subsidiaries acted in good faith and have themselves been victims of fraud, forgery, and a criminal conspiracy. The company made the necessary disclosure regarding the matter to the stock exchanges on November 7, 2024. A criminal complaint against the third party has already been filed with the Economic Offences Wing of the Delhi Police on October 16, 2024.

The agency found that BTPL, incorporated in 2019, declared minimal business activity, yet maintained multiple undisclosed bank accounts and carried out high-value transactions grossly disproportionate to its declared turnover.

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ED officials also unearthed widespread violations of the Companies Act. No statutory corporate records, including books of accounts, board meeting records, or shareholders’ registers, were found at the company’s registered address. Preliminary findings suggest the use of dummy directors, appointed solely to sign official documents without any real involvement in the firm’s operations.

At least seven previously undisclosed bank accounts operated by BTPL have been traced. The ED alleges that proceeds of crime, amounting to several crores of rupees, were routed through these accounts to conceal the origin and end use of the funds.