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The Enforcement Directorate (ED) has launched a new money laundering probe involving Anil Ambani's Group of Companies. The investigation is about a phony bank guarantee worth Rs. 68.2 crore said to have been submitted to the Solar Energy Corporation of India, purportedly through a fraudulent setup led by an obscure company, Biswal Tradelink Pvt Ltd.
The Anil Ambani ED Probe has taken a new turn as investigators dig deeper into financial irregularities. As the Anil Ambani ED Probe progresses, more links to shell companies and forged documents are being uncovered.
On Thursday evening, ED officials conducted search operations across four locations: three in Bhubaneswar and one in Kolkata. These premises are reportedly tied to Biswal Tradelink and its associates. The agency suspects the firm is operating a ring of shell companies used for issuing bogus bank guarantees in exchange for commissions, allegedly up to 8%.
The Fake Bank Guarantee Scam has exposed a complex network of fraudulent financial practices across multiple firms. Investigations revealed that the fraudster used the domain name 's-bi.co.in' for domain name spoofing, which closely resembled the official domain used by the State Bank of India (sbi.co.in). The spoofed email domain sent emails misrepresenting the transaction, thereby misleading SECI and any interested stakeholders into believing the bank guarantees were genuine.
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The forged bank guarantee was associated with dealings of Reliance NU BESS Private Limited and Maharashtra Energy Generation Limited, two entities connected to the Anil Ambani business group. According to ED officials, material found in previous searches on July 24th, 2025, directly connects the two companies involved and the investigation.
New findings in the Rs. 68 crore SECI Fraud suggest forged documents were used to secure government contracts. In an attempt to avoid law enforcement's watch, suspects used Telegram's disappearing messages for sensitive communication. This was another way the suspects attempted to eliminate their digital footprint and delete all internal communications relating to their fraudulent acts.
The Biswal Tradelink Investigation has revealed a series of suspicious transactions connected to multiple shell entities. The ED has described Biswal Tradelink as a paper company because it has a registered office address, which was the residential address of a relative, and no statutory records or genuine corporate papers were found during the searches.
The agency found several previously undisclosed bank accounts connected to the operation and engaged in large amounts of suspicious activity. Authorities are now focusing on the Reliance NU BESS Fraud, which allegedly involves inflated project costs and misrepresented guarantees. Requests have been made to the National Internet Exchange of India (NIXI) to identify the source behind the spoofed domain.
This recent investigation follows FIR No. 0131/2024 filed by the Delhi Economic Offences Wing in November 2024. Additionally, the ED has summoned Anil Ambani in a separate Rs. 17,000 crore loan fraud case. The investigations are growing, suggesting a more complicated pattern of associated financial irregularities that have gone unnoticed by enforcement agencies.
