The Enforcement Directorate (ED) announced on Friday that it has launched a money laundering investigation into a fake bank guarantee racket that has been linked to the Anil Ambani Group of Companies.
On August 1, it was reported that Ambani was summoned by the ED for questioning regarding an ongoing investigation into an alleged ₹17,000-crore loan fraud case.
Key Highlights
- ED raids Biswal Tradelink Pvt Ltd in Bhubaneswar and Kolkata over fake ₹68.2 Cr bank guarantee scam tied to Ambani Group.
- Fake guarantee impersonated SBI domain, sold to SECI for 8% commission, prompting deeper money‑laundering investigation.
The latest investigation is based on FIR No.0131/2024, which was filed by the Economic Offences Wing (EOW) in Delhi on November 11, 2024.
As part of the investigation, the ED conducted searches under Section 17 of the Prevention of Money Laundering Act (PMLA) at several locations, including three premises in Bhubaneswar associated with M/s Biswal Tradelink Private Limited and its directors, as well as one location in Kolkata belonging to a group associate/operator.
The federal agency discovered links between the Anil Ambani Group of Companies and a fraudulent bank guarantee of ₹68.2 crore submitted to the Solar Energy Corporation of India (SECI). Evidence seized during searches of Anil Ambani group companies on July 24, 2025 is directly related to the current investigation.
The bogus guarantee was issued in the names of M/s Reliance NU BESS Limited and M/s Maharashtra Energy Generation Limited, both of which are affiliated with the Anil Ambani Group, according to the ED.
The agency discovered that the bank guarantee was completely fraudulent and was supported by forged communication intended to impersonate the State Bank of India (SBI).
The group allegedly used a spoofed email domain, "s-bi.co.in," in place of the official "sbi.co.in" to communicate with SECI in order to pass off the guarantee as genuine. The ED has asked the National Internet Exchange of India (NIXI) for domain registration information in order to track down the source of this impersonation.
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Other findings from ED so far:
- A preliminary investigation reveals that the group has also facilitated the creation of fake bills for commission.
- ED reported the discovery of multiple undisclosed bank accounts. "Suspicious transactions of crores of Rupees found in these bank accounts."
- According to the ED, the company is merely a paper entity, with its registered office located on a relative's residential property. There were no statutory company records found at the address.
- Suspicious financial transactions involving several companies have been tracked.
- Key members of the group use Telegram with "disappearing messages" enabled, indicating attempts to conceal communication.
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