ED Raids Unravel Odisha's Fake Bank Guarantee Racket
The Enforcement Directorate conducted searches against Odisha-based Biswal Tradelink for its alleged fake bank guarantee racket. A forged Rs 68 crore guarantee was issued for Reliance, leading to an ED investigation. The company used deceptive email domains and undisclosed accounts to conduct suspicious transactions.
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The Enforcement Directorate (ED) on Friday conducted multiple raids against an Odisha-based company over allegations of operating a fake bank guarantee issuance racket. This included a Rs 68 crore guarantee for a Reliance Group subsidiary, according to official sources.
Filed under the Prevention of Money Laundering Act (PMLA), the case targets Biswal Tradelink of Bhubaneswar. The ED's probe follows a Delhi Police Economic Offences Wing FIR from November 2024.
The ED executed searches at three company locations in Bhubaneswar and a related entity in Kolkata. It unearthed a scheme where the company issued fake bank guarantees for an 8% commission. The guarantee involved was linked to Reliance NU BESS Limited and the Solar Energy Corporation of India Limited.
(With inputs from agencies.)
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