Investigation Agency Announces First Arrest in Anil Ambani's Alleged Rs 3,000-Crore Loan Scam
The Enforcement Directorate (ED) has made its first arrest in connection with a Rs 3,000-crore loan fraud case against companies of Anil Ambani's Reliance Group. The arrested individual is Partha Sarathi Biswal, the managing director of Biswal Tradelink Pvt Ltd, an Odisha-based firm accused of arranging forged bank guarantees worth around Rs 68 crore on behalf of Reliance Power [1][2][3][4].
The fraudulent activities of Biswal Tradelink included submitting fake guarantees, operating at least seven undisclosed bank accounts, not maintaining mandatory records, and using dummy directors to sign off on documents [1][2][3]. The company allegedly received Rs 5.4 crore from Reliance Power for these fake guarantees.
The ED started raids at over 50 firms connected to the case on July 24 and continued them for at least three days. The raids were conducted under the Prevention of Money Laundering Act (PMLA), as mentioned earlier [3][4].
The earlier mentioned first information report (FIR) against Biswal Tradelink and its directors was filed by the Economic Offences Wing of the Delhi Police. The FIR alleged that the promoters of the bank had received payments just before the loans were sanctioned, indicating a potential quid pro quo arrangement [1].
This arrest is the first in a widening probe into a broader Rs 17,000 crore loan fraud involving several Reliance Group companies, including Reliance Home Finance Ltd, Reliance Commercial Finance Ltd, and Reliance Communications. The ED has also summoned Anil Ambani and his top executives for questioning as part of this investigation [2][3][4].
Biswal has been remanded in ED custody for further interrogation to uncover the extent and network behind the fraud. The case traces back to FIRs filed since 2022 and intensified after searches conducted in July 2025 across numerous premises linked to the Ambani group [3][4].
The ED aims to examine all involved parties to expose the full scale of the alleged money laundering and fake bank guarantee rackets tied to Anil Ambani’s companies [3][4]. However, Reliance Power has stated that the media reports pertain to allegations concerning transactions of Reliance Communications Limited (RCOM) or Reliance Home Finance Limited (RHFL), which are over 10 years old [5].
The communication to stock exchanges by Reliance Power did not specify the details of the allegations or the recent arrest. The ED's investigation is ongoing, and further details may be revealed in subsequent reports.
- The business operations of Biswal Tradelink, allegedly involved in a Rs 3,000-crore loan fraud case associated with the Reliance Group, encompassed submitting fake guarantees, operating undisclosed bank accounts, and using dummy directors for document signing.
- The General-news of a widening probe into a Rs 17,000 crore loan fraud engulfing several Reliance Group companies, such as Reliance Home Finance Ltd, Reliance Commercial Finance Ltd, and Reliance Communications, has led to the arrest of Partha Sarathi Biswal, and the Enforcement Directorate (ED) has summoned Anil Ambani and his top executives for questioning.
