In a big development in the money laundering probe related to the business entities owned by Anil Ambani, the Enforcement Directorate (ED) has made its first arrest. According to an India Today report, the Managing Director of Biswal Tradelink Pvt. Ltd. (BTPL), Partha Sarathi Biswal, was taken into custody under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The arrest by the ED comes a day after the extensive searches at the premises of BTPL in Bhubaneswar and Kolkata.
Anil Ambani Summoned On August 5
The probe body has summoned Reliance Group Chairman Anil Ambani for questioning on August 5 in a money laundering case linked to an alleged bank loan fraud worth crores of rupees against his group companies, official sources said on Friday. The federal probe agency has also issued a Look Out Circular (LOC) against the 66-year-old businessman to stop him from travelling abroad, the sources said. He has been asked to depose at the ED headquarters in Delhi on August 5, as the case has been registered here.
News agency PTI, quoting sources, also reported that the agency will record his statement under the Prevention of Money Laundering Act (PMLA) once he deposes. Some executives of Ambani’s group companies have also been summoned over the next few days.
The summons came after the federal agency conducted searches at 35 premises of 50 companies and 25 people, including executives of his business group, last week. The searches, launched on July 24, went on for three days.
The action pertains to alleged financial irregularities and collective loan diversion pegged at more than Rs 17,000 crore by multiple group companies of Anil Ambani, including Reliance Infrastructure (R Infra).
The agency found, on the basis of a Sebi report, that R Infra diverted funds disguised as inter-corporate deposits (ICDs) to Reliance Group companies through a company named CLE. It is alleged that R Infra did not disclose CLE as its related party to avoid approvals from shareholders and audit panels.
(With PTI inputs.)
