ED Cracks Down on Fake Bank Guarantee Scam, Raids Conducted Across Odisha and Kolkata; Big Corporate Links Emerge

The Enforcement Directorate (ED) has launched a massive crackdown on a fake bank guarantee and billing racket, conducting raids across Odisha and Kolkata. The investigation, which stems from an FIR by the Economic Offences Wing (EOW) of Delhi Police, has uncovered crores of rupees in suspicious transactions, forged documents, and a deeper nexus involving private firms and shell companies.

Key Highlights:

• ED raids at multiple locations in Bhubaneswar and Kolkata

• M/s Biswal Tradelink Pvt. Ltd. accused of preparing and selling fake bank guarantees

• Fake billing and fraudulent commission-based transactions also uncovered

• Companies like Reliance NU BESS and Solar Energy Corporation of India (SECI) linked to fake guarantees

• Communication among the accused carried out via Telegram app with disappearing messages

Origin of the Case

The ED initiated its probe based on an FIR filed by Delhi’s Economic Offences Wing on November 11, 2024. The complaint alleged large-scale fraud involving fake bank guarantees, triggering a money laundering investigation under the Prevention of Money Laundering Act (PMLA).

Raids Across Two States

Raids were carried out at three locations linked to M/s Biswal Tradelink Pvt. Ltd. and its directors in Bhubaneswar, Odisha. Simultaneously, a related operation was conducted at the premises of a suspected operator in Kolkata.

The Modus Operandi

According to ED officials:

• M/s Biswal Tradelink Pvt. Ltd., an Odisha-based shell entity, allegedly sold fake bank guarantees for around 8% commission.

• Fake billing documents were also created for a fee, allowing clients to show fictitious expenses.

• The company’s registered address was a residential property, and no legitimate business records were found there.

Digital Deception: Spoofed SBI Website and Telegram Messaging

A major breakthrough came when investigators discovered that the accused had created a fake website resembling State Bank of India—s-bi.co.in—to make counterfeit guarantees look authentic. Emails were sent to SECI from the spoofed domain to fool officials into accepting a fake ₹68.2 crore bank guarantee submitted by M/s Reliance NU BESS Ltd / Maharashtra Energy Generation Ltd.

To avoid detection, the fraudsters communicated primarily through Telegram, using disappearing messages to leave no digital footprint.

The ED has now sought data from the National Internet Exchange of India (NIXI) regarding domain registration and hosting details of the spoofed SBI site.

More Names Expected to Surface

With evidence from a previous ED raid on July 24, 2025, the financial trail has widened. Authorities believe that multiple other companies may have used similar fraudulent guarantees and bills. The ongoing probe is likely to uncover more corporate entities, intermediaries, and forged bank documents linked to this high-profile scam.