ED Makes First Arrest In ₹3,000-Crore Fraud Probe Involving Anil Ambani

The Enforcement Directorate (ED) has arrested Partha Sarathi Biswal, Managing Director of Biswal Tradelink Pvt. Ltd. (BTPL), in a ₹3,000-crore loan fraud case linked to Anil Ambani’s Reliance Group. The arrest, made on August 1, 2025, in Bhubaneswar under the Prevention of Money Laundering Act (PMLA), 2002, marks the first detention in this high-profile investigation. Biswal was remanded to ED custody until August 6, 2025, following his appearance before a Delhi court.

The case originates from a November 2024 First Information Report (FIR) filed by the Delhi Police Economic Offences Wing (EOW), accusing BTPL and its directors of submitting a fake bank guarantee worth ₹68.2 crore to the Solar Energy Corporation of India (SECI) on behalf of Reliance NU BESS Limited, a subsidiary of Reliance Power. The ED’s investigation revealed that BTPL received ₹5.4 crore from Reliance Power Ltd., owned by Anil Ambani, for arranging the fraudulent guarantee, which was backed by forged State Bank of India (SBI) endorsements and fabricated emails using a spoofed domain, ‘s-bi.co.in,’ mimicking SBI’s official domain.

Further probes uncovered that BTPL, incorporated in 2019, operated multiple undisclosed bank accounts and conducted transactions disproportionate to its reported turnover. The ED identified at least seven such accounts, with proceeds of crime traced to crores of rupees. The agency also noted regulatory violations, including missing statutory records like books of accounts and shareholder registers, and suspected the use of dummy directors to conceal true ownership.

The broader investigation involves alleged financial irregularities, including the diversion of ₹3,000 crore in loans from YES Bank to Reliance Group companies between 2017 and 2019, with evidence suggesting a quid pro quo arrangement involving payments to YES Bank promoters. The ED conducted searches at over 50 entities starting July 24, 2025, and issued a lookout circular against Anil Ambani, who has been summoned for questioning on August 5, 2025.

Reliance Power has stated it was a victim of fraud, filing a complaint with the EOW in October 2024 and making disclosures to stock exchanges on November 7, 2024. The investigation continues, with potential further arrests expected.