The Enforcement Directorate on Saturday took Partha Sarathi Biswal, managing director of Biswal Tradelink Pvt Ltd, into custody in connection with a money-laundering case related to the alleged ₹3,000-crore bank-loan fraud involving Reliance Group chairman Anil Ambani and his group companies, agency sources said.

This was the first arrest in the high-profile case and came a day after the agency issued a lookout circular on Anil Ambani and summoned the industrialist for questioning on August 5.

“Biswal has been arrested under the Prevention of Money Laundering Act (PMLA). A probe revealed BTPL has allegedly received ₹5.4 crore from Reliance Power Ltd — a company owned by Anil Ambani — for facilitating the fake bank guarantee.
This financial trail is a key element linking BTPL’s fraudulent operations to Ambani’s corporate network,” said an ED official.

According to the official, the agency found Biswal Tradelink, an Odisha-based company, had been operating at least seven undisclosed bank accounts, and the company did not maintain the mandatory records and used dummy directors to sign on documents.

“BTPL allegedly ran a fake bank guarantee issuance racket for business groups and also facilitated fake bills for commission and used multiple undisclosed bank accounts. Suspicious transactions worth crores of rupees have been made through these bank accounts. The company is a mere paper entity as its registered office is a residential property,” the official said.

The ED had on Friday launched searches at the company’s three premises in Bhubaneswar and one “associate” entity in Calcutta. Agency sources alleged that the company was engaged in the activity of issuing fake bank guarantees against a commission of 8 per cent.

Sources said the look-out circular issued on Anil Ambani on Friday was to ensure he does not leave India without prior approval from the investigating officer. The industrialist has been asked to depose at the ED headquarters in Delhi on August 5 and record his statement.