Breaking News Live Updates: India and Russia have a steady and time tested partnership: MEA
Nimisha Priya case is a sensitive matter and govt is following it closely, MEA spokesperson Randhir Jaiswal said.
Major news of the day:
The Enforcement Directorate is investigating a racket involving fake bank guarantees, after registering an ECIR based on a case filed by the Economic Offences Wing of the Delhi Police. The original FIR, numbered 0131/2024 and dated 11 November 2024, was the starting point.
Following this, the ED carried out coordinated searches at four locations — three in Bhubaneswar and one in Kolkata — under the Prevention of Money Laundering Act. According to officials, the Bhubaneswar premises are connected to Biswal Tradelink Private Limited and its directors. The Kolkata address is linked to an associate or operator involved in the same network.
Fake guarantees sold for commission, say officials
In early findings, investigators discovered that Biswal Tradelink Pvt Ltd, along with its directors and other associates, was actively issuing fake bank guarantees. These were reportedly provided in exchange for an 8 percent commission.
The ED said, “M/s Biswal Tradelink Pvt. Ltd. (Odisha-based), its directors, and associates are found engaged in issuance of fake Bank Guarantees against a commission of 8%.”
The group didn’t stop at guarantees. They were also allegedly helping prepare fake bills, again for commissions.
Suspicious bank activity and hidden accounts
The agency uncovered several previously undisclosed bank accounts holding large amounts of money. Officials described financial transactions amounting to several crores of rupees, all of which appeared suspicious.
The company itself doesn’t seem to exist in any meaningful way. Investigators found that its registered office is a private home belonging to a relative. No official records or statutory company documents were recovered from the address.
Officials added, “The company is a mere paper entity… no statutory company records were found at the address.”
Digital trails and disappearing messages
Alongside the financial evidence, ED sources also flagged how the key members of this group used Telegram with disappearing messages switched on. This raises clear concerns about efforts to destroy digital trails and evade scrutiny.
Officials said, “Key individuals of the group are found using the Telegram application with ‘disappearing messages’ enabled, indicating attempts to conceal communication.”
Fake ₹68.2 crore bank guarantee submitted to SECI
One of the most serious discoveries is a forged bank guarantee of ₹68.2 crore. It was submitted to the Solar Energy Corporation of India Limited (SECI) on behalf of M/s Reliance NU BESS Limited and M/s Maharashtra Energy Generation Limited.
The guarantee has now been confirmed as fake. And the deception didn’t stop there.
In a bid to make the forgery look legitimate, the group used a fake email domain to impersonate the State Bank of India. Instead of using sbi.co.in, they created s-bi.co.in and sent forged emails to SECI pretending to be SBI.
Officials explained, “In an attempt to prove that this fake bank guarantee is genuine, the group used a spoofed email domain… impersonating SBI.”
The ED has now asked the National Internet Exchange of India (NIXI) to provide domain registration records for s-bi.co.in.
Link to earlier raids on Anil Ambani group
This isn’t an isolated case. The agency confirmed that evidence seized during searches on 24 July 2025, in a separate investigation involving the Anil Ambani group of companies, is directly tied to the current probe.
Officials stated, “Evidence seized earlier (during searches on 24.07.2025 in the case of Anil Ambani group companies) has direct linkage with the present investigation.”
This new angle has widened the scope of the investigation, drawing attention to the network of shell firms, digital forgery, and high-value financial documents used to mislead public authorities.
The investigation is still underway. Further disclosures are expected as the financial trails and digital evidence are examined.
Source: m.economictimes.com