Odisha-Based Firm's Alleged Fake Bank Guarantee Scandal Unveiled

The Enforcement Directorate (ED) has apprehended Partha Sarathi Biswal, the Managing Director of Biswal Tradelink, an Odisha-based company allegedly involved in issuing fake bank guarantees. The arrest is linked to a money laundering case where the company provided a counterfeit bank guarantee of Rs 68 crore to Reliance NU BESS Limited, triggering widespread investigation.

In response to a November 2024 FIR by the Delhi Police Economic Offences Wing, the ED conducted raids on Biswal Tradelink's premises in Bhubaneswar and an associate entity in Kolkata. Officials claimed the business was issuing fake bank guarantees for an eight percent commission. Recent searches uncovered evidence of multiple undisclosed accounts and fraudulent communications posing as State Bank of India.

A Reliance Group spokesperson expressed that the company was defrauded in this conspiracy, having already lodged a complaint with the Delhi Police. The ED is probing the firm's suspicious financial transactions across various companies, suspecting the use of fake emails and documents to mask illicit activities.

(With inputs from agencies.)