CHENNAI: Alongside the high-profile loan fraud case involving the Anil Ambani Group, Indian financial crime investigators have launched a fresh money laundering probe into the Group, this time focusing on a suspected fake bank guarantee racket worth Rs 68.2 crore. This probe follows an FIR filed by Delhi’s Economic Offences Wing in November 2024, relating to a bogus guarantee submitted to the Solar Energy Corporation of India (SECI).
According to reports, the Enforcement Directorate conducted coordinated raids on four premises linked to a little-known firm, Biswal Tradelink Pvt Ltd—three in Bhubaneswar and one in Kolkata—on Thursday evening.
ED officials say the fake bank guarantee was issued in the name of Reliance NU BESS Limited and Maharashtra Energy Generation Limited, both connected to the Ambani group. The guarantee was entirely forged and backed by counterfeit communications designed to impersonate the State Bank of India. Fraudsters reportedly used a spoofed domain (“s‑bi.co.in”) mimicking the genuine SBI domain (“sbi.co.in”) to deceive SECI.
Preliminary findings show Biswal Tradelink charged an 8 per cent commission for issuing fake bank guarantees. The company appears to be a paper entity with its registered office at a residential property linked to a relative. No formal company records were found at the address, and suspicious financial flows and shell accounts have also been detected. Communications recovered suggest suspects used Telegram’s disappearing-messages feature to evade surveillance.
This fresh case adds to the broader scrutiny ED has applied to the Anil Ambani Group, which is already under investigation for alleged major financial malfeasance. Earlier raids covered more than 35 locations linked to the group and stem from allegations involving up to Rs 30,000 crore siphoned through questionable loan practices, primarily involving Yes Bank during 2017–2019.
Anil Ambani has also been summoned by the ED for questioning on August 5, 2025, in connection with a separate Rs 17,000‑crore loan fraud investigation. Shares of Reliance Power and Reliance Infrastructure declined by nearly 5 per cent following the announcement.
The investigation into the Rs 68.2 crore fake guarantee case remains at a preliminary stage. Further forensic analysis, interrogation of individuals, and tracing the financial trail are underway. The outcome could significantly complicate the legal and regulatory challenges already facing the Anil Ambani Group.