In a major crackdown, the Enforcement Directorate (ED) on Friday raided multiple premises linked to an Odisha-based company, Biswal Tradelink, accused of orchestrating a fake bank guarantee racket involving commissions and suspicious dealings with prominent business groups. Among the alleged beneficiaries is Reliance NU BESS Limited—a subsidiary of Anil Ambani-led Reliance Power—which reportedly submitted a fraudulent guarantee worth ₹68.2 crore to the Solar Energy Corporation of India Limited (SECI).
The investigation, launched under the Prevention of Money Laundering Act (PMLA), stems from a November 2024 FIR filed by the Delhi Police Economic Offences Wing. The ED conducted searches at three locations in Bhubaneswar and one associate entity in Kolkata, seizing critical documents linked to the fake guarantees.
According to agency sources, Biswal Tradelink allegedly issued forged bank guarantees against an 8% commission. The firm used a deceptive email domain—s-bi.co.in—closely resembling the official domain of the State Bank of India (sbi.co.in), to send fake communications to SECI while impersonating the national bank.
Documents related to the fake guarantees were reportedly seized during a recent raid on Reliance Group’s offices in Mumbai. Investigators have also found multiple suspicious transactions involving various companies routed through undisclosed bank accounts.
Further digging revealed that Biswal Tradelink is essentially a paper entity, with its registered office being a residential address linked to a relative. No official business records were found during the raids. The agency suspects the use of the Telegram app with disappearing messages enabled by key individuals to avoid digital trails.
The ED has also reached out to the National Internet Exchange of India (NIXI) for details regarding the fake email domain’s registration, while a forensic audit of seized data is underway. With financial fraud running into crores, the probe is likely to widen in scope as investigators track the money trail.
