Bhubaneswar: The Directorate of Enforcement (ED) has arrested Partha Sarathi Biswal, Managing Director of Biswal Tradelink Pvt. Ltd. (BTPL), Bhubaneswar, in connection with a money laundering case involving fake bank guarantees worth Rs 68.2 crore.
The arrest was made under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
According to an official press release, the ED launched the investigation based on FIR No. 131/2024 registered by the Economic Offences Wing (EOW) of the Delhi Police. The FIR named BTPL, its directors, and others for allegedly submitting forged bank guarantees to the Solar Energy Corporation of India Limited (SECI).
The probe revealed that BTPL submitted fake guarantees backed by forged endorsements and fabricated confirmations, purportedly from the State Bank of India (SBI), for a SECI tender. In exchange for arranging the guarantee, BTPL reportedly received Rs 5.40 crore from Reliance Power Ltd.
Investigators also uncovered the use of forged documents in the name of various banks and fake email IDs designed to resemble official SBI communications. Despite being a small company incorporated in 2019, BTPL was found to have maintained multiple undisclosed bank accounts and executed financial transactions far exceeding its reported turnover.
Further scrutiny revealed violations of the Companies Act. Statutory records, including books of accounts and shareholders’ registers, were missing from the company’s registered address. Officials suspect the use of dummy directors to legitimise fraudulent paperwork.
At least seven undisclosed bank accounts have been identified, with proceeds of crime amounting to several crores allegedly routed through them. Following the arrest, a local court granted ED custody of Partha Sarathi Biswal until August 6, 2025.
The investigation is currently ongoing.
