Anil Ambani Loan Fraud Case: ED Makes First Arrest

Anil Ambani Loan Fraud Case: ED Makes First Arrest

The ED has summoned Anil Ambani for questioning on August 5 in connection with the case.

RMN News Corporate Desk
August 3, 2025

Mumbai, August 2, 2025 – In a significant development, the Enforcement Directorate (ED) has made its first arrest in connection with a money laundering investigation involving business entities owned by industrialist Anil Ambani. Partha Sarathi Biswal, Managing Director of Biswal Tradelink Pvt. Ltd. (BTPL), was taken into custody under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

According to an India Today report of August 2, the arrest follows extensive searches conducted by the ED at BTPL’s premises in Bhubaneswar and Kolkata. This case originates from an FIR filed by the Economic Offences Wing (EOW) of Delhi Police against BTPL, its directors, and others for allegedly issuing a fake bank guarantee submitted to the Solar Energy Corporation of India (SECI).

[ Also Read: Anti-Corruption Crusader Demands Swift Action in Delhi Bureaucratic Scandal ]

Key Allegations and Findings:

• Fake Bank Guarantees: According to the ED’s findings, BTPL allegedly fraudulently arranged fake bank guarantees worth Rs 68.2 crore. These guarantees were reportedly backed by forged endorsements from the State Bank of India and fabricated confirmation emails using spoofed SBI email IDs. The fake guarantee was used to support a tender floated by SECI.
• Financial Link to Reliance Power: Crucially, the ED has uncovered that BTPL allegedly received Rs 5.4 crore from Reliance Power Ltd.—a company owned by Anil Ambani—for facilitating the fake bank guarantee. Officials state that this financial trail is a key element linking BTPL’s fraudulent operations to Ambani’s corporate network.
• BTPL’s Operations: The investigation revealed that BTPL, incorporated in 2019, is a relatively obscure firm that maintained multiple undisclosed bank accounts. It also carried out financial transactions that were grossly disproportionate to its reported turnover. Authorities have traced proceeds of the crime running into crores of rupees across at least seven hidden bank accounts.
• Regulatory Violations: The agency claims rampant regulatory violations, with statutory records, including books of accounts and shareholder registers, missing from the company’s registered office. The ED suspects the use of dummy directors to mask true ownership and enable the laundering of funds.

Following his arrest, Partha Sarathi Biswal was produced before a court and has been remanded to ED custody until August 6 for further interrogation.

In response to these developments, the Reliance Group has stated that all its subsidiaries acted bona fide and were victims of fraud, forgery, and a cheating conspiracy. Meanwhile, the ED has summoned Anil Ambani for questioning on August 5 in connection with the case.