India – ED (Enforcement Directorate) makes first arrest in Rs 340 Millions mortgage fraud case towards Anil Ambani

In a big improvement within the cash laundering investigation associated to enterprise entities owned by industrialist Anil Ambani, the Enforcement Directorate (ED) has made its first arrest. Managing Director of Biswal Tradelink Pvt. Ltd. (BTPL), Partha Sarathi Biswal, was taken into custody below the provisions of the Prevention of Cash Laundering Act (PMLA), 2002.

The arrest comes a day after the ED performed intensive searches on the premises of BTPL in Bhubaneswar and Kolkata. The case stems from an FIR filed by the Financial Offences Wing (EOW) of Delhi Police towards BTPL, its administrators, and others for allegedly issuing a faux financial institution assure submitted to the Photo voltaic Power Company of India (SECI).

In line with the ED’s findings, BTPL fraudulently organized faux financial institution ensures value Rs 68.2 crore, backed by cast endorsements from the State Financial institution of India and fabricated affirmation emails utilizing spoofed SBI e-mail IDs. The faux assure was used to assist a young floated by SECI.

Crucially, the ED has uncovered that BTPL allegedly obtained Rs 5.4 crore from Reliance Energy Ltd.—an organization owned by Anil Ambani—for facilitating the faux financial institution assure. This monetary path, officers say, is a key component linking BTPL’s fraudulent operations to Ambani’s company community.

– Ends