ED raids fake bank guarantee firm in ₹68.2cr scam
The Enforcement Directorate (ED) has raided Biswal Tradelink in Bhubaneswar and Kolkata for allegedly running a ₹68.2 crore fake bank guarantee scheme.
The company is accused of creating forged guarantees—charging an 8% cut—including a massive one for the Solar Energy Corporation of India, done on behalf of Reliance NU BESS Limited, a subsidiary of Reliance Power.
Biswal Tradelink used fake SBI email domain
The investigation kicked off after Delhi Police filed an FIR in November 2024.
Turns out, Biswal Tradelink used a fake email domain almost identical to State Bank of India's to send out phony documents, while their official address was just someone's house with no real business going on.
To cover their tracks, key players used Telegram's disappearing messages feature.
The ED is now digging deeper into their financial network and tracking down more digital evidence.