According to the ED, BTPL fraudulently submitted fake bank guarantees worth Rs 68.2 crore for a SECI tender, allegedly receiving Rs 5.40 crore from Reliance Power Ltd. in return.
A day after the Enforcement Directorate (ED) issued summons and a lookout circular against industrialist Anil Ambani, the agency on Saturday said it had arrested the managing director of a shell company that allegedly provided a fake bank guarantee in a money laundering case. The arrested individual has been identified as Partha Sarathi Biswal, Managing Director of Bhubaneswar-based Biswal Tradelink Pvt. Ltd. (BTPL).
“The Directorate of Enforcement (ED) has arrested Shri Partha Sarathi Biswal, Managing Director of M/s Biswal Tradelink Pvt. Ltd. (BTPL), Bhubaneswar, on 1st August in money laundering case,” the agency said in a statement on Saturday.
The case originates from an FIR filed by the Delhi Police last year against BTPL, its directors, and others for allegedly submitting fake bank guarantees to the Solar Energy Corporation of India (SECI).
On Friday, the ED had conducted raids at four locations – three in Bhubaneswar and one in Kolkata.
According to the ED, BTPL fraudulently submitted fake bank guarantees worth Rs 68.2 crore for a SECI tender, allegedly receiving Rs 5.40 crore from Reliance Power Ltd. in return.
The agency said, “Evidence confirms the use of fake documents in the name of certain Banks and fake email IDs in the name of SBI.”
It further added that BTPL, incorporated in 2019, maintained multiple undisclosed bank accounts and carried out transactions far beyond its declared turnover. Several violations of the Companies Act were also found.
“No statutory records are found at registered address – such as books of accounts, shareholders’ registers etc. Dummy directors are found to be used just to sign the documents,” the ED stated.
Sources said that the investigation revealed that BTPL’s registered office was actually a residential property belonging to a relative. At least seven undisclosed bank accounts have been traced, and crores of rupees identified as proceeds of crime have been found in those accounts.
“Suspicious financial transactions with multiple companies have been traced. Key individuals of the group are found using the Telegram application with ‘disappearing messages’ enabled, indicating attempts to conceal communication,” said officials.
Last month, ED searches at 35 locations unearthed documents linking the case to BTPL.
“A Bank Guarantee of Rs 68.2 Crore submitted to Solar Energy Corporation of India Limited (SECI) on behalf of M/s Reliance NU BESS Limited / M/s Maharashtra Energy Generation Limited has been established as fake. In an attempt to prove that this fake bank guarantee is genuine, the group used a spoofed email domain. To create a facade of genuineness – instead of sbi.co.in, the domain s-bi.co.in was deployed to send forged communication to SECI, impersonating SBI. ED has sought domain registration details of s-bi.co.in from the National Internet Exchange of India (NIXI),” the ED said.
In November 2024, Reliance Power disclosed to stock exchanges that it was the victim of fraud, cheating, and a criminal conspiracy.
“The Company has received a notice from Solar Energy Corporation of India Limited (SECI) whereby it was directed that the Company including its subsidiaries stand debarred from participating in all future tenders issued by SECI for a period of three years from the date of issuance of the notice i.e., November 06, 2024,” the company stated.