The arrest of MD from Odisha is based in the case of “fake” banking guarantee

In a major development in the investigation of money laundering related to the business entitlements owned by industrial Anil Ambani, the EDA (ED) arrested Bathha Sarathi Basswal, the administrative director of Paiswal, a merchant in Popneswar, regarding the title of the suspected fake bank guarantee.

It was arrested under the PMLa Laundering Law after a series of intensive searches conducted by ED at Biswal Trading Pvt Ltd (BTPL) offices in Bobanswar and Kolkata. The case stems from the aviation information area provided by the Economic Crime Pavilion (EOW) to the Delhi Police, accused of BTPL, its managers, and others to issue a forged bank guarantee provided to the solar energy company in India (SECI).

According to ED sources, the company has issued forged bank guarantees for many business entities for a 8 % committee. Among the cases under investigation is a 68.2-currency guarantee provided to the Solar Energy Company in India Ltd. (SECI) on behalf of the ReliaCE Nu Bess Ltd-a subsidiary of the RLIAANCE RELIANCE company led by Anil Ambani-which was later found to be fake.

The case stems from November 2024 Fir, which was submitted by the Delhi Economic Police Pavilion (EOW). During previous searches at Group Religa offices in Mumbai, ED reported that the documents associated with this deal were reported.

It is important, ED found that Biswal Tradelink PVT LTD (BTPL) received 5.4 rupees from Reliace Power Ltd. – Anil Ambani company – in contact with the fake bank guarantee version. Officials describe this financial path as a pivotal link that links BTPL fraudulent activities to the broader company network in the Reliace Group.

A spokesperson for the Reliace Group explained that the Rellece Power is a “victim of fraud, forgery and conspiracy” and filed a criminal complaint against the accused company in October 2024. Disadvances were made to the stock exchanges on November 7, 2024.

ED revealed additional suspicious financial transactions that include many companies. Biswal Tradelink runs many unveiled bank accounts and has made transactions that exceeded their declared rotation. At least seven such accounts have been determined.

Moreover, the company is accused of impersonating the State of the State of India (SBI) using a deceptive email-S-bi.co.in- closely similar to the official field of SBI SBI.Co.in. According to what was reported, this fake field was used to send forged contacts to SECI. ED is close to the national internet exchange (Nixi) for field registration data.

Initial results indicate that the company also facilitated fake bills and high -value transactions through unannounced accounts. Its registered office was found to be a residential address without the company’s records, raising questions about its operational legitimacy. ED sources also claim that the main individuals were using hidden telegram messages to hide communications.

The investigation is continuing.

(With PTI inputs)