The Enforcement Directorate (ED) has expanded its ongoing investigation into alleged financial irregularities connected to the Anil Ambani Group, initiating a new probe into a ₹68.2 crore fake bank guarantee case.
On Thursday evening, the agency carried out search operations at four locations — three in Bhubaneswar and one in Kolkata — linked to Biswal Tradelink Pvt Ltd, a little-known company now accused of operating a web of shell firms and forging bank guarantees in exchange for commissions.
As per ED officials, Biswal Tradelink issued a forged bank guarantee to the Solar Energy Corporation of India (SECI), amounting to ₹68.2 crore. The company allegedly earned an 8% commission for each such fraudulent guarantee issued.
In a deceptive tactic, the firm reportedly used a spoofed domain, s-bi.co.in, crafted to resemble the official State Bank of India domain, sbi.co.in.
This cloned website was allegedly used to send counterfeit emails to SECI and other parties, giving the impression they originated from the genuine bank.
Investigators revealed that the suspects relied on encrypted messaging apps like Telegram, specifically utilising disappearing messages to avoid detection and maintain secrecy.
The ED suspects that this fake bank guarantee was linked to a transaction involving Reliance NU BESS Private Limited and Maharashtra Energy Generation Limited — both companies associated with the Anil Ambani-led business group.