BTPL MD Held by ED in ₹68.2 Cr Fake Bank Guarantee Case

Bhubaneswar: The Enforcement Directorate (ED) has arrested Partha Sarathi Biswal, Managing Director of Biswal Tradelink Pvt. Ltd. (BTPL), Bhubaneswar, in a major money laundering case involving fake bank guarantees amounting to ₹68.2 crore.

The arrest was made under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. According to an official statement, the investigation was initiated based on FIR No. 131/2024 filed by the Economic Offences Wing (EOW) of 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). ED’s probe found that BTPL had presented fake bank guarantees using forged endorsements and fabricated confirmation letters, purportedly from the State Bank of India (SBI), to secure a SECI tender. In return for arranging the guarantees, BTPL reportedly received ₹5.40 crore from Reliance Power Ltd.

Investigators also discovered the use of fake email IDs mimicking official SBI communication and forged documents created in the name of multiple banks. Despite being a relatively small firm established in 2019, BTPL maintained numerous undisclosed bank accounts and conducted financial transactions far beyond its declared turnover.

The ED further uncovered violations under the Companies Act, including the absence of statutory records such as books of accounts and shareholder registers at the company’s registered office. Authorities suspect the use of dummy directors to support fraudulent activities.

So far, at least seven undisclosed bank accounts have been traced, through which several crores of rupees—believed to be proceeds of crime—were allegedly routed.

Following the arrest, a local court has remanded Partha Sarathi Biswal to ED custody until August 6, 2025. The investigation remains ongoing.