ED Arrests MD of Biswal Tradelink Pvt. Ltd. in Fake Bank Guarantee
Case
Directorate of Enforcement (ED) has arrested Partha Sarathi Biswal,
Managing Director of M/s Biswal Tradelink Pvt. Ltd. (BTPL), Bhubaneswar, on
01.08.2025 under the provisions of the Prevention of Money Laundering Act
(PMLA), 2002.
ED initiated investigation under PMLA on the basis of FIR No. 131/2024
registered by Economic Offences Wing (EOW), Delhi Police, against BTPL, its
directors and others, for providing fake Bank Guarantee, which was submitted
to Solar Energy Corporation of India Limited (SECI).
Investigation by ED has revealed that, BTPL fraudulently arranged and
submitted fake Bank Guarantees of Rs. 68.2 Crore along with forged SBI
endorsements and fabricated confirmations for a SECI tender. For providing
this Bank Guarantee, Rs. 5.40 Crore have been received by BTPL from
Reliance Power Ltd.
Evidence confirms the use of fake documents in the name of certain Banks
and fake email IDs in the name of SBI.Probe reveals BTPL, a small company
incorporated in 2019, maintained multiple undisclosed bank accounts and
carried out transactions disproportionate to its declared turnover.
During investigation, violations of the Companies Act are also found. No
statutory records are found at registered address- such as books of accounts,
shareholders’ registers etc. Dummy directors are found to be used just to sign
the documents.
During investigation, at least 7 undisclosed bank account of the company are
found. Proceeds of Crime of crores of Rupees have been traced to these
accounts.
Partha Sarathi Biswal, MD has been arrested and Hon’ble Court has granted
ED remand till 6th August, 2025.
Further investigation in ongoing.
