Brief by Shorts91 Newsdesk / 02:56am on 03 Aug 2025,Sunday India
The Enforcement Directorate (ED) arrested Partha Sarathi Biswal, MD of Odisha-based Biswal Tradelink Pvt Ltd (BTPL), the first arrest in the ₹3,000‑crore alleged loan fraud involving the Reliance ADAG group . Biswal is accused of arranging a fake ₹68.2 crore bank guarantee to the Solar Energy Corporation of India (SECI) on behalf of Reliance Power, backed by forged SBI endorsements and spoofed emails . Investigators uncovered multiple undisclosed bank accounts and dummy directors used by BTPL to launder funds received for the fake guarantee . The ED also issued a lookout circular against Anil Ambani and has summoned him for questioning on 5 August. (PC: Bloomberg)
