Fake bank guarantee racket: ED arrests Odisha-based businessman
Partha Sarathi Biswal, head of Biswal Tradelink in Odisha, has been arrested by the Enforcement Directorate (ED) for allegedly running a fake bank guarantee racket.
His company is accused of creating a forged ₹68.2 crore bank guarantee for the Solar Energy Corporation of India, pretending it was on behalf of Reliance NU BESS Limited.
The case kicked off after Delhi Police's Economic Offences Wing filed an FIR last November and is being probed under anti-money laundering laws.
Biswal Tradelink was just a shell company
ED raids on August 1 uncovered that Biswal Tradelink was basically a shell company—just a residential address with no real business records—and charged an 8% cut for these fake guarantees.
Investigators also found hidden bank accounts used for shady transactions worth crores.
To make things look legit, the group even faked emails to SECI using a domain similar to State Bank of India and used Telegram's disappearing messages to cover their tracks.
The probe is still on as more financial irregularities linked to this scam come out.