The Enforcement Directorate (ED) recently carried out raids on Biswal Tradelink, an Odisha-based company, as part of an investigation into alleged fake bank guarantee scams. The firm is suspected of running a racket issuing counterfeit bank guarantees to various business groups, including providing a fake guarantee worth ₹68.2 crore for Reliance NU BESS Limited, a subsidiary of Reliance Power. The case has drawn attention due to the significant amount involved and the high-profile companies linked to it.
The investigation is focused on suspicious financial activities and forged communications connected to the company and its directors. The ED’s inquiry, initiated under the Prevention of Money Laundering Act (PMLA), follows a November 2024 FIR filed by the Delhi Police Economic Offences Wing. During the raids, searches were conducted at three locations in Bhubaneswar and also at an associated entity in Kolkata, as part of efforts to uncover the full extent of the alleged scam.
According to sources, Biswal Tradelink allegedly charged an 8 per cent commission for issuing these fake bank guarantees. One of the key pieces of evidence in the case is the counterfeit bank guarantee submitted to the Solar Energy Corporation of India Limited (SECI) on behalf of the Reliance group company. The investigation is ongoing as authorities work to unravel the details and hold those responsible accountable.
