The Enforcement Directorate (ED) has arrested Partha Sarathi Biswal, managing director of Biswal Tradelink Private Limited (BTPL), in connection with an alleged fake bank guarantee case.
The arrest was made following searches in Bhubaneswar and Kolkata.
The probe is based on a first information report registered by the Economic Offences Wing of the Delhi police, BTPL, its directors, and others, for allegedly providing a fake bank guarantee, which was purportedly submitted to Solar Energy Corporation of India Limited (SECI).
“In a related matter, evidence seized earlier during searches on July 24 in the case of Anil Ambani group companies has direct linkage with the present investigation. A bank guarantee of ₹68.2 crore submitted to Solar Energy Corporation of India Limited (SECI) on behalf of Reliance NU BESS Limited/Maharashtra Energy Generation Limited has been established as fake,” an official had earlier alleged.
According to the agency, BTPL fraudulently arranged and submitted fake bank guarantees of ₹68.2 crore along with forged SBI endorsements and fabricated confirmations for a SECI tender. “For providing this bank guarantee, ₹5.40 crore has been received by BTPL from Reliance Power Limited,” the agency alleged.
Multiple accounts
“Evidence confirms the use of fake documents in the name of certain banks and fake email IDs in the name of the SBI. The probe reveals that BTPL, a small company incorporated in 2019, maintained multiple undisclosed bank accounts and carried out transactions disproportionate to its declared turnover,” it said.
The ED is alleged to have detected many violations of the Companies Act. Dummy directors were used just to sign documents. At least seven undisclosed bank accounts of the company have been found, according to the agency sources.