How a Bhubaneswar-Based Firm Orchestrated a Fake Bank Guarantee Scam Implicating Reliance Power
Parth Sarathi Biswal, the managing director of Biswal Tradelink Private Limited (BTPL), a Bhubaneswar-based company founded in 2019, finds himself at the center of a high-profile financial scandal that has sent shockwaves through India’s corporate landscape. The Enforcement Directorate (ED) arrested Biswal on August 1, 2025, under the Prevention of Money Laundering Act (PMLA), 2002, in connection with a Rs 3,000-crore loan fraud case involving fake bank guarantees. The investigation has not only exposed BTPL’s fraudulent operations but also raised questions about its dealings with major conglomerates, including Anil Ambani’s Reliance Group. This article delves into Biswal’s background, the mechanics of the fraud, and the intricate connection with Reliance Power, unraveling a tale of deception and financial intrigue.
The Rise and Fall of Biswal Tradelink
BTPL, incorporated in 2019, presented itself as a legitimate entity but lacked the hallmarks of a credible business. Investigations revealed that the company operated without a proper office, with its registered address traced to a residential property in Bhubaneswar. Essential documents, such as account books and shareholder records, were conspicuously absent, raising red flags about its operations. The ED’s probe uncovered that BTPL was a front for issuing fake bank guarantees, charging commissions as high as 8% for its illicit services. These findings painted a picture of a shell company designed to facilitate financial malfeasance.
How Biswal Got Caught
The ED’s investigation into BTPL was triggered by a First Information Report (FIR) filed by the Delhi Police Economic Offences Wing (EOW) on November 11, 2024. The FIR accused BTPL and its directors, including Biswal, of orchestrating a fake bank guarantee racket. The ED, acting under Section 17 of the PMLA, conducted searches on August 1, 2025, at three BTPL premises in Bhubaneswar and one associated entity in Kolkata. The raids uncovered evidence of a sophisticated scam involving forged documents and illicit financial transactions. Biswal’s arrest followed, marking the first detention in this high-stakes case. He was remanded to ED custody until August 6, 2025, for further interrogation, with the agency planning to confront him with key figures, including Anil Ambani, who was summoned for questioning on August 5.
The Reliance Connection
The most startling revelation in the investigation was BTPL’s connection to Reliance NU BESS Limited, a subsidiary of Reliance Power Limited, part of Anil Ambani’s Reliance Group. BTPL facilitated a fake bank guarantee worth Rs 68.2 crore, submitted to the Solar Energy Corporation of India (SECI) on behalf of Reliance NU BESS (formerly Maharashtra Energy Generation Limited) for a tender. In return, BTPL received Rs 5.4 crore from Reliance Power. The ED alleges that the guarantee was backed by forged State Bank of India (SBI) endorsements and fabricated emails sent from a spoofed domain, “s-bi.co.in,” designed to mimic SBI’s official domain, “sbi.co.in.” These fraudulent communications misled SECI into believing the guarantee was legitimate.
Reliance Power, however, claims to be a victim of fraud, asserting that it acted in good faith. The company filed a criminal complaint with the Delhi Police EOW in October 2024 and disclosed the matter to stock exchanges on November 7, 2024. Despite these claims, the ED’s findings suggest potential collusion, noting that BTPL’s directors had prior ties to the Reliance Group, complicating the narrative of victimhood.
Mechanics of the Fraud
Biswal and his team executed the scam with meticulous deception. They fabricated bank guarantees purportedly issued by SBI, using forged documents and spoofed email domains to create an illusion of authenticity. The domain “s-bi.co.in” was used to send fraudulent communications to SECI, impersonating SBI. To evade detection, BTPL operated at least seven undisclosed bank accounts, handling transactions far exceeding its declared turnover. The company employed dummy directors to obscure the identity of its real owners and used Telegram’s disappearing message feature to conduct conversations without leaving a trace. The ED has sought domain registration details from the National Internet Exchange of India (NIXI) to further unravel the digital footprint of the scam.
Broader Implications
The ED’s investigation extends beyond the Rs 68.2-crore guarantee, uncovering similar suspicious transactions with multiple companies, suggesting a broader racket. The agency’s nationwide raids since July 24, 2025, have targeted over 50 firms allegedly involved in laundering or misappropriating loan funds, with the total fraud estimated at Rs 3,000 crore. The case has also drawn attention to Anil Ambani, with a lookout circular issued to restrict his foreign travel, signaling the investigation’s deepening scope.
Parth Sarathi Biswal’s arrest marks a significant breakthrough in exposing a complex financial fraud that leveraged fake bank guarantees to deceive major institutions like SECI. While BTPL’s operations reveal a calculated scheme to exploit corporate trust, the involvement of Reliance Power adds layers of intrigue, raising questions about accountability and oversight in India’s corporate sector. As the ED continues its probe, the case underscores the need for robust mechanisms to detect and prevent such sophisticated financial crimes, ensuring that perpetrators like Biswal face the full weight of the law.