ED makes 1st arrest in Rs 3,000-crore loan fraud involving Anil Ambani

Making its first arrest in connection with the Rs 3,000-crore loan fraud case that involves Anil Ambani’s Reliance Group, the Enforcement Directorate has arrested the managing director of an Odisha-based company that allegedly ran a “fake” bank guarantee issuance racket for business groups, and allegedly provided Rs 68 crore assurance for a Reliance Group company, official sources on Saturday said.