Mumbai
The Enforcement Directorate (ED) has arrested the Managing Director (MD) of a company in Odisha on charges of operating a ‘fake’ bank guarantee for business groups. The gang also allegedly granted a guarantee of Rs 68 crore for a company of Reliance Group. Official sources gave this information on Saturday. The Federal Investigation Agency on Friday launched a raid against the company ‘Biswal Tradalink’ in Bhubaneswar in this case of money laundering.
What is detail
Sources said that Partha Sarathi Biswal, managing director of ‘Biswal Tradalink’, was detained from Bhubaneswar on Friday under the Money Laundering Act (PMLA). He said that the court has sent him to the custody of the Enforcement Directorate till August 6. The case filed by the ED under the PMLA is related to an FIR lodged by the Economic Offenses Wing (EOW) of Delhi Police in November 2024.
The search was done on Friday
The ED on Friday searched the company’s three premises in Bhubaneswar and a “colleague” companies in Kolkata. Sources in the agency alleged that the company was working to issue a “fake” bank guarantee with an eight percent commission. He said that ‘Reliance NU BESS Limited’, a subsidiary of ‘Reliance Power’ ‘Reliance NU BESS Limited’, was found to be found to be Rs 68.2 crore bank guarantee ” fake ‘. The company’s name was earlier ‘Maharashtra Energy Generation Limited’.
Sources said that the ED has recently seized some documents related to this transaction during a raid against Reliance Group companies led by Anil Ambani in Mumbai. A spokesperson of the Reliance Group said that Reliance Power had been “a victim of cheating and forgery conspiracy” in the case and had given appropriate information in this regard on various stock exchanges on 7 November 2024. The spokesman said that he had filed a criminal complaint against the third party (accused company) in the Economic Offenses Wing of Delhi Police in October 2024 and would be followed by the “proper process” of the law.
Sources said that similar suspected financial transactions have been detected with several companies and it is being investigated. It is alleged that the company had many bank accounts that it kept undeclared and these accounts are making more transactions than its declared income. The agency has found about seven “undeclared” bank accounts of the company. It is learned that the Odisha -based company was using another email domain instead of the original email domain to show that the message is being sent by the country’s largest lender State Bank of India (SBI).
