ED Probes Fake Bank Guarantee Syndicate Linked To Anil Ambani Group; ₹68.2 Crore SECI Guarantee Found Fraudulent

Mumbai: The Enforcement Directorate (ED) has launched a money laundering investigation into a Rs 68.2 crore fake bank guarantee racket, which has now been linked to companies under the Anil Ambani Group. The instant case runs parallel to the agency’s ongoing investigation into a separate Rs 17,000 crore loan fraud, for which Ambani has also been summoned.

Ambani has been asked to appear at the ED’s headquarters in Delhi on August 5 in connection with the ongoing investigation under the Prevention of Money Laundering Act (PMLA). Last week, the ED had raided 35 locations associated with the Reliance Group in Mumbai, examining financial transactions of nearly 50 companies and 25 individuals.

The latest case stems from an FIR registered by the Economic Offences Wing (EOW) of the Delhi Police on November 11, 2024. According to ED officials, the agency has widened its focus on suspected financial irregularities involving the Anil Ambani Group, this time zeroing in on forged guarantees submitted to a central government entity.

On Thursday, the agency carried out searches under the provisions of the Prevention of Money Laundering Act (PMLA) at four locations: three in Bhubaneswar, linked to M/s Biswal Tradelink Pvt Ltd, and one in Kolkata, linked to an associate/operator connected with a network allegedly linked to the group.

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Investigators identified Biswal Tradelink, an Odisha-based company, as a key player in the scam. The firm is accused of issuing fake bank guarantees in return for an 8% commission and routing illicit transactions through multiple undisclosed bank accounts. The group is also believed to have facilitated fake billing to inflate transaction volumes and launder funds.Officials revealed that the group operated through multiple undisclosed bank accounts where transactions worth several crores have been flagged as suspicious. “The company’s registered office is a residential property owned by a relative. No company records were found there, indicating it as a paper entity,” an official said.   The ED has claimed to have uncovered concrete links between the Anil Ambani Group of Companies and a forged bank guarantee worth Rs 68.2 crore submitted to the Solar Energy Corporation of India (SECI), officials said. The bogus guarantee, associated with M/s Reliance NU BESS Limited and M/s Maharashtra Energy Generation Limited, both entities under the Anil Ambani Group, has emerged as a key element in what investigators describe as a broader pattern of financial irregularities.

According to the ED, material evidence recovered during search operations on July 24, at multiple premises connected to the group, has established a direct connection with the ongoing probe. Officials indicated that the findings point to potential misuse of corporate structures to facilitate fraudulent guarantees and secure contracts under false pretenses.       

The agency has found that the bank guarantee was completely fake and was backed by forged communication designed to impersonate the State Bank of India (SBI).

In a bid to pass off the forged document as genuine, the accused allegedly used a spoofed email domain to impersonate the SBI. Instead of the legitimate ‘sbi.co.in’, they created a fake domain ‘s-bi.co.in’ to send forged email communications to SECI, lending an air of authenticity to the fake guarantee.

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ED officials have recovered communication from the suspects showing that Telegram's disappearing message feature was actively used by the network to evade surveillance and maintain secrecy.

The fake bank guarantee was allegedly routed to support a transaction involving Reliance NU BESS Private Limited and Maharashtra Energy Generation Limited, both linked to the Anil Ambani business group.