ED Probes Fake Bank Guarantee Linked To Anil Ambani Group's PMLA Case | Profit Exclusive

The Enforcement Directorate is investigating a Rs 68.2 crore fake bank guarantee allegedly connected to the Anil Ambani Group under the Prevention of Money Laundering Act, according to people familiar with the matter.

The probe involves fresh search operations in Bhubaneswar and Kolkata, the people said.

The agency conducted searches at three locations tied to Biswal Tradelink Pvt Ltd in Bhubaneswar and one site in Kolkata, the people said, adding that Biswal Tradelink is accused of issuing fake bank guarantees in exchange for an 8% commission, including one worth Rs 68.2 crore to the Solar Energy Corporation of India.

The ED said the latest action stems from evidence collected during recent raids on the Anil Ambani Group. Investigators have linked the fake bank guarantee to Reliance NU BESS Pvt Ltd and Maharashtra Energy Generation Ltd. A spoofed email domain, s-bi.co.in, was reportedly used to impersonate the State Bank of India and mislead SECI.

The agency said the group used Telegram’s disappearing messages feature to avoid detection. Several shell accounts and suspicious transactions worth crores are also under scrutiny. The ED said Biswal Tradelink operated as a shell company supported by a network of fake billing.

The investigation is part of a wider case involving alleged financial irregularities by companies linked to Anil Ambani. The ED has summoned the Reliance Group chairman for questioning on Aug. 5. This follows three days of searches across multiple locations on July 24, targeting 50 companies and 25 individuals, including senior executives from Ambani’s firms.

The probe is focused on loans issued by Yes Bank to Reliance Group companies between 2017 and 2019. The ED is examining whether parts of these loans were misused and if Yes Bank promoters received financial gains before sanctioning them.

Reliance Power and Reliance Infrastructure said in separate stock exchange filings on July 26 that the investigation has no effect on their business or financials.

In a written reply to the Rajya Sabha, the government disclosed that the ED’s investigation involves Reliance Home Finance Ltd. (RHFL), Reliance Commercial Finance Ltd. (RCFL), and former Yes Bank MD and CEO Rana Kapoor, among others.

According to government data, RHFL and RCFL disbursed loans worth Rs 12,524 crore, much of it routed to shell companies or related-party entities affiliated with ADAG. Out of this, Rs 6,931 crore was later declared non-performing or written off.