Sat Aug 02 14:37:04 UTC 2025: **Summary:**
The Enforcement Directorate (ED) has made its first arrest in the Rs 3,000-crore loan fraud case involving Anil Ambani’s Reliance Group companies. Partha Sarathi Biswal, managing director of Biswal Tradelink Pvt Ltd, was arrested for allegedly providing fake guarantees worth Rs 68.2 crore to the Solar Energy Corporation of India on behalf of Reliance Power. Investigations revealed the guarantees were supported by forged documents and fake email confirmations. Biswal Tradelink reportedly received Rs 5.4 crore from Reliance Power for arranging the fake guarantees. The arrest follows the issuance of a lookout circular against Anil Ambani. The ED is investigating the alleged diversion of Rs 3,000 crore in loans given to Reliance Group companies by YES Bank between 2017 and 2019.
**News Article:**
**ED Arrests MD in Reliance Group Loan Fraud Case; Fake Guarantees Worth Crores Involved**
**New Delhi, [Date]** – The Enforcement Directorate (ED) has made its first arrest in connection with the Rs 3,000-crore loan fraud case against companies of Anil Ambani’s Reliance Group. Partha Sarathi Biswal, managing director of Biswal Tradelink Pvt Ltd, was taken into custody on Friday under the Prevention of Money Laundering Act (PMLA), 2002, for allegedly providing fake guarantees worth Rs 68.2 crore, sources said on Saturday. These guarantees were arranged on behalf of Reliance Power, according to the ED.
The Economic Offences Wing of the Delhi Police had initially filed a first information report (FIR) regarding the matter. Investigations revealed that Biswal Tradelink, which was founded in 2019, and its directors submitted fake bank guarantees to the Solar Energy Corporation of India. The ED discovered that these guarantees were backed by forgeries and fabricated email confirmations, using a spoofed domain closely resembling that of SBI (State Bank of India).
According to the ED, Biswal Tradelink fraudulently received Rs 5.4 crore from Reliance Power for arranging the fake guarantees and operated at least seven undisclosed bank accounts. The company is accused of not maintaining mandatory records and using dummy directors to sign off on documents.
Biswal was produced before a special court, which granted the ED his custody until Wednesday.
The arrest comes just a day after a lookout circular was issued against Anil Ambani in connection with the same bank fraud case.
The ED’s investigation focuses on the alleged diversion of approximately Rs 3,000 crore in loans granted to Reliance Group companies by YES Bank between 2017 and 2019. The agency has found evidence suggesting a quid pro quo arrangement, with promoters of YES Bank allegedly receiving payments prior to the loan sanctions.
The ED has been conducting raids at over 50 firms connected to the case since July 24.
In response to media reports about the raids, Reliance Power stated that the allegations pertain to transactions of Reliance Communications Limited (RCOM) or Reliance Home Finance Limited (RHFL), which are over 10 years old.
First Piper 