New Delhi [India], August 1 (ANI): The Enforcement Directorate (ANI) on Friday conducted searches at four locations in Odisha and West Bengal in connection with an investigation into a fake bank guarantee racket.
The ED conducted raids at three locations in Bhubaneswar (Odisha), and one in Kolkata (West Bengal), as part of a money laundering investigation. The action is based on an Enforcement Case Information Report (ECIR) registered by the ED, following a case filed by the Economic Offences Wing of the Delhi Police on November 11, 2024.
Pursuant to the investigation, ED searches are conducted under Section 17 of Prevention of Money Laundering Act (PMLA).
In Bhubaneswar, three premises linked to Biswal Tradelink Private Limited and its directors are being searched while one premise of an associate and operator is being searched in Kolkata.
As per officials in ED, Odisha-based Biswal Tradelink Pvt Ltd, its directors, and associates are “found engaged in issuance of fake bank guarantees against a commission of 8 per cent.” “Preliminary investigation indicates that the group has also facilitated fake bills for commission.”
As per officials, multiple undisclosed bank accounts have been detected, and suspicious transactions of crores of rupees found in these bank accounts.
“The company is a mere paper entity and its registered office is a residential property belonging to a relative. No statutory company records were found at the address,” pointed the officials, privy to the development.
“Suspicious financial transactions with multiple companies have been traced.”
Key individuals of the group, the officials said, are found using the Telegram application with “disappearing messages” enabled, indicating attempts to conceal communication.
In a related matter, they said, “evidence seized earlier (during searches on July 24, 2025 in the case of Anil Ambani group companies) has direct linkage with the present investigation.”
“A Bank Guarantee of Rs 68.2 crore submitted to Solar Energy Corporation of India Limited (SECI) on behalf of Reliance NU BESS Limited and Maharashtra Energy Generation Limited has been established as fake,” said the officials.
In an attempt to prove that this fake bank guarantee is genuine, the officials added, the group used a “spoofed email domain. To create a facade of genuineness- instead of sbi.co.in, the domain s-bi.co.in was deployed to send forged communication to SECI, impersonating SBI.”
ED has sought domain registration details of s-bi.co.in from the National Internet Exchange of India (NIXI). (ANI)
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