<p>New Delhi: The Enforcement Directorate on Friday conducted searches against an Odisha-based company that allegedly ran a "fake" bank guarantee issuance racket for business groups, including providing an alleged Rs 68 crore such assurance for a Reliance Group company, official sources said.</p>.<p>The money laundering case is against a Bhubaneswar located company named Biswal Tradelink and its directors.</p>.<p>The ED case, filed under the Prevention of Money Laundering Act (PMLA), stems from a November, 2024 FIR of the Delhi Police Economic Offences Wing (EOW).</p>.<p>The ED, the sources said, conducted searches at three premises of the company on Friday at Bhubaneswar and one "associate" entity in Kolkata.</p>.<p>Agency sources alleged that the company was engaged in the activity of issuance of "fake" bank guarantees against a commission of 8 per cent.</p>.Loan 'fraud': ED summons Anil Ambani for questioning on Aug 5.<p>Sources said a bank guarantee of Rs 68.2 crore submitted to Solar Energy Corporation of India Limited (SECI) on behalf of Reliance NU BESS Limited (a subsidiary of Reliance Power)/Maharashtra Energy Generation Limited was found to be "fake".</p>.<p>The ED seized some documents related to this transaction during the last week searches against Anil Ambani led Reliance Group companies in Mumbai, they said.</p>.<p>Suspicious financial transactions with multiple companies have been traced and this is being investigated, the sources said.</p>.<p>It was found that the Odisha-based company was using a email domain--s-bi.co.in-- instead of the original sbi.co.in to create a "facade" of genuineness that the communication is being sent by the State Bank of India (SBI), the country's largest lender.</p>.<p>The fake domain was used to send "forged" communication to SECI, impersonating the SBI, the sources said.</p>.<p>It is understood that the ED has written to the National Internet Exchange of India (NIXI) seeking domain registration details of the fake email domain.</p>.<p>The ED's preliminary investigation, as per the sources, has indicated that the Odisha company has also facilitated "fake" bills for commission and uses multiple "undisclosed" bank accounts.</p>.<p>Suspicious transactions worth crores of rupees has been done through these bank accounts, they said.</p>.<p>The Odisha company is a "mere paper entity" as its registered office is a residential property belonging to a relative and no company records were found at the address during the searches, the sources said.</p>.<p>The agency sources claimed that key individuals of the company were using the Telegram app in a 'disappearing messages' enabled mode in order to "conceal" their communications. PTI NES DV DV</p>
<p>New Delhi: The Enforcement Directorate on Friday conducted searches against an Odisha-based company that allegedly ran a "fake" bank guarantee issuance racket for business groups, including providing an alleged Rs 68 crore such assurance for a Reliance Group company, official sources said.</p>.<p>The money laundering case is against a Bhubaneswar located company named Biswal Tradelink and its directors.</p>.<p>The ED case, filed under the Prevention of Money Laundering Act (PMLA), stems from a November, 2024 FIR of the Delhi Police Economic Offences Wing (EOW).</p>.<p>The ED, the sources said, conducted searches at three premises of the company on Friday at Bhubaneswar and one "associate" entity in Kolkata.</p>.<p>Agency sources alleged that the company was engaged in the activity of issuance of "fake" bank guarantees against a commission of 8 per cent.</p>.Loan 'fraud': ED summons Anil Ambani for questioning on Aug 5.<p>Sources said a bank guarantee of Rs 68.2 crore submitted to Solar Energy Corporation of India Limited (SECI) on behalf of Reliance NU BESS Limited (a subsidiary of Reliance Power)/Maharashtra Energy Generation Limited was found to be "fake".</p>.<p>The ED seized some documents related to this transaction during the last week searches against Anil Ambani led Reliance Group companies in Mumbai, they said.</p>.<p>Suspicious financial transactions with multiple companies have been traced and this is being investigated, the sources said.</p>.<p>It was found that the Odisha-based company was using a email domain--s-bi.co.in-- instead of the original sbi.co.in to create a "facade" of genuineness that the communication is being sent by the State Bank of India (SBI), the country's largest lender.</p>.<p>The fake domain was used to send "forged" communication to SECI, impersonating the SBI, the sources said.</p>.<p>It is understood that the ED has written to the National Internet Exchange of India (NIXI) seeking domain registration details of the fake email domain.</p>.<p>The ED's preliminary investigation, as per the sources, has indicated that the Odisha company has also facilitated "fake" bills for commission and uses multiple "undisclosed" bank accounts.</p>.<p>Suspicious transactions worth crores of rupees has been done through these bank accounts, they said.</p>.<p>The Odisha company is a "mere paper entity" as its registered office is a residential property belonging to a relative and no company records were found at the address during the searches, the sources said.</p>.<p>The agency sources claimed that key individuals of the company were using the Telegram app in a 'disappearing messages' enabled mode in order to "conceal" their communications. PTI NES DV DV</p>