In significant development in the money laundering investigation into business entities owned by industrialist Anil Shamani, the Directorate for Enforcement (ED) has arrested Parta Sarati Bisval, CEO of Bishwaval Tradition, based in a suspected racket for false bank guarantees.
The arrest was carried out under the Law on Money Laundering (PMLA) after a series of wide searches conducted by ED at the Biswal Tradelink PVT Ltd (BTPL) offices in Bubanja and Kolka. The case comes from FIR submitted by the Economic Office (EOW) to Delhi police, accusing BTPL, its executives and others of issuing a counterfeit bank guarantee submitted to India’s solar energy corporation (DIKI).
According to ED sources, the company reportedly issued counterfeit bank guarantees to several business entities in exchange for an 8% commission. Among cases under investigation is the guarantee of 68.2 ₹ 2 Crore Bank, delivered to the Solar Energy Corporation of India DOO (DIKI) on behalf of Reliance Nu Bess Ltd-Society of Anil Ambani-Led Reliance Power-for which was later found to be false.
The case stems from FIR in November 2024, submitted by the wing of police offenses in Delhi (EOV). During previous searches at the Reliance group’s offices in Mumbai, Ed reportedly returned the documents related to the transaction.
Crucial, Ed discovered that Biswal Tradelink PVT Ltd (BTPL) reportedly received 5.4 pounds from Reliance Power Ltd. – Company owned by Anil Suvena – in connection with the issuance of the false bank guarantee. Officials describe this financial path as a key connection that connects BTPL’s fraudulent activities with the wider Corporate Network of the Reliance Group.
A spokesman for the Reliance group has made it clear that Reliance Power is a “victim of fraud, forgery and conspiracy” and filed a criminal complaint against the defendant in October 2024. The discovery was made on the stock markets on November 7, 2024.
Ed revealed additional suspicious financial deals with multiple companies. It is claimed that Biswal Tradelink operated several undisclosed bank accounts and transactions far exceed the declared turnover. At least seven such accounts have been identified.
Furthermore, the company is accused of saving the State Bank of India (SBI) using a deceptive email domain-s-bi.co.in-resembling the official domain of SBI.co.in. This fake domain was reportedly used to send counterfeit communication to SECI. ED has approached India’s national exchange of India (Nixi) for domain registration data.
Preliminary findings suggest that the company also facilitates false accounts and directs high value transactions through undisclosed accounts. Her registered office was discovered that it was a residential address without records in the company, asking questions about its operational legitimacy. ED sources also claim that key persons are using the function of missing telegram messages to hide communications.
The investigation is ongoing.
(With bird inputs)
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