Mumbai, Aug. 2 -- In its first arrest related to the alleged Rs.3,000 crore loan fraud involving companies of Anil Ambani's Reliance Group, the Enforcement Directorate (ED) has taken Partha Sarathi Biswal, managing director of Biswal Tradelink Pvt Ltd, into custody for submitting fake bank guarantees worth Rs.68.2 crore, sources said on Saturday, NDTV reported.

The forged guarantees were reportedly arranged on behalf of Reliance Power, and submitted to the Solar Energy Corporation of India, investigators said.

Biswal was arrested on Friday under the Prevention of Money Laundering Act (PMLA), 2002, and was remanded to ED custody until Wednesday by a special court.

The company is also accused of operating at least seven undisclosed bank ...