Bhubaneswar, Aug 1 The Enforcement Directorate (ED) on Friday conducted searches at multiple locations linked to Odisha-based firm, M/s Biswal Tradelink Pvt. Ltd., its directors, in Bhubaneswar and Kolkata in connection with a fake bank guarantee scam case.
As per the ED sources, on the basis of a case (0131/2024) registered by the Economic Offence Wing (EOW), Delhi on November 11, 2024, the Central agency has recorded an ECIR and initiated an investigation into the fake bank guarantee racket.
The ED sleuths were searching under Section 17 of the Prevention of Money Laundering Act (PMLA) at three premises linked to M/s Biswal Tradelink Private Limited and its directors in Bhubaneswar and one premises of an associate/operator of the Odisha-based firm in Kolkata.
It is pertinent here to mention that the Central agency, during investigations, found M/s Biswal Tradelink Pvt. Ltd., its directors, and associates engaged in the issuance of fake Bank Guarantees against a commission of 8 per cent. The sleuths also ascertained that the accused group had facilitated fake bills for commission.
The ED officials also detected suspicious financial transactions of crores of rupees in multiple undisclosed bank accounts of the sham company.
“The company is a mere paper entity -- its registered office is a residential property belonging to a relative. No statutory company records were found at the address. Suspicious financial transactions with multiple companies have been traced. Key individuals of the group are found using the Telegram application with “disappearing messages” enabled, indicating attempts to conceal communication,” informed ED sources.
In a connected development, during the searches conducted on July 24 in the case of Anil Ambani group companies, the ED sleuths had earlier seized evidence which is directly linked to the current investigation.
Notably, a Bank Guarantee of Rs 68.2 crore submitted to Solar Energy Corporation of India Limited (SECI) by M/s Biswal Tradelink Pvt. Ltd. on behalf of M/s Reliance NU BESS Limited (formerly known as M/s Maharashtra Energy Generation Limited), a subsidiary of Reliance Power Limited (RPL), has been established as fake.
“In an attempt to prove that this fake bank guarantee is genuine, 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.
The ED has sought domain registration details of s-bi.co.in from the National Internet Exchange of India (NIXI),” ED sources further added.
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