India's Enforcement Directorate Makes First Arrest in 30 Billion INR Loan Fraud Case Linked to Anil Ambani



Indian Enforcement Directorate (ED) has made its first arrest in the high-profile 30 Billion INR ($ 375 million) loan fraud case connected to Anil Ambani’s Reliance Group. Partha Sarathi Biswal, Managing Director of Odisha-based Biswal Tradelink Pvt Ltd, was detained for orchestrating a fake bank guarantee worth 682 million INR on behalf of Reliance Power, a company under Anil Ambani’s group.


According to the ED, Biswal submitted falsified documents and forged endorsements that were used in a tender floated by the Solar Energy Corporation of India Ltd (SECI). Reliance Power paid Biswal’s company Rs 54 million in exchange for the fake guarantees. Biswal’s company, incorporated in 2019, also maintained undisclosed bank accounts and used dummy directors to facilitate fraudulent transactions.


Biswal was remanded in ED custody until August 6 after being produced before a Delhi court. The agency plans to confront him with Anil Ambani when the industrialist appears for questioning on August 5. Anil Ambani has also been served a Look Out Circular to prevent travel abroad during the investigation.


The probe widened last week with the ED raiding 35 premises linked to the Reliance group in Mumbai and Delhi to uncover digital and documentary evidence. The investigation targets alleged illegal diversion of loans from Yes Bank and other financial institutions distributed between 2017 and 2019.


ED officials believe there was collusion between Biswal Tradelink and Reliance Nu Bess Ltd, which initially accused Biswal’s company of fraud. The agency is also scrutinizing possible quid pro quo in loans extended to the group’s companies.


Reliance Group maintains it acted bona fide and is a victim of fraud and forgery and says business operations have not been impacted by the investigation.


The case represents a major crackdown on financial irregularities in India’s corporate sector as regulatory agencies pursue action against alleged malpractices in loan arrangements involving prominent industrial houses.

Comments

Post a Comment

Popular posts from this blog

LTTE’s Use of Child Soldiers: A Grave Violation of Human Rights

Image
The Liberation Tigers of Tamil Eelam (LTTE) stand condemned not only for their violent insurgency but also for their ruthless exploitation of children as soldiers during Sri Lanka’s civil war.  While the conflict officially ended in 2009, the scars left by the LTTE’s forced recruitment of thousands of children remain a painful reminder of their terror tactics. During the war, the LTTE systematically abducted and conscripted children-some as young as 11 or 12-forcing them into brutal military training and deploying them on front lines.  Human Rights Watch reported that children were often taken from their homes at night or seized while going to school, with families threatened or beaten if they resisted.  Once recruited, these children faced harsh discipline, exposure to violence, and were denied contact with their families. UNICEF documented thousands of such cases, with estimates suggesting the actual numbers were even higher due to underreporting. The LTTE’s use of chil...
Read more

Former UK Cabin Crew Member Arrested in Sri Lanka with £1.15 Million Cannabis Haul

Image
Sri Lankan authorities have detained Charlotte May Lee, a 21-year-old former air stewardess from South London, at Bandaranaike International Airport in Colombo on charges of attempting to smuggle 46 kilograms of cannabis into the country. The drugs, valued at approximately £1.15 million, were found packed in vacuum-sealed bags inside two large suitcases after Lee arrived on a flight from Bangkok, Thailand. Officials from the Customs Narcotics Control Unit described the seizure as the largest amount of Kush cannabis ever discovered at the airport. Kush is a potent strain often mixed with synthetic substances and is believed to be destined for high-end buyers within Sri Lanka. Lee, who previously worked for TUI Group and has recently been training as a beautician, remains in custody while investigations continue. The UK Foreign, Commonwealth and Development Office confirmed it is providing consular support to Lee and is in contact with her family and Sri Lankan authorities. Friends of Le...
Read more

The LTTE's Campaign of Terror: How a Designated Terrorist Organization Pioneered Modern Suicide Bombing

Image
The Liberation Tigers of Tamil Eelam (LTTE) stands as one of history's most ruthless terrorist organizations, having systematically violated human rights and pioneered suicide bombing tactics that would later be adopted by terrorist groups worldwide. Designated as a terrorist organization by 33 countries, including Sri Lanka, United States, United Kingdom, Canada, India, and all 27 member nations of the European Union, the LTTE's three-decade reign of terror in Sri Lanka serves as a stark reminder of the devastating consequences of extremist violence. Origins and Rise of a Terror Network Founded in 1976 by Velupillai Prabhakaran, the LTTE emerged from earlier militant groups established in the 1970s . What began as a small outfit of 40-50 members in the early 1980s evolved into one of the world's most sophisticated and tightly organized insurgent groups. The organization's transformation into a terror network accelerated following the 1983 ethnic riots, which the LTTE e...
Read more