Bhubaneswar, Aug 1: The Enforcement Directorate (ED) on Friday raided multiple locations in Bhubaneswar and Kolkata linked to Odisha-based firm M/s Biswal Tradelink Pvt. Ltd. and its directors in connection with a fake bank guarantee scam. 

Acting on a case registered by Delhi’s Economic Offence Wing (EOW) in November 2024, the ED initiated a money laundering probe under the Prevention of Money Laundering Act (PMLA).

Searches were conducted at three premises in Bhubaneswar and one in Kolkata. Investigations revealed the firm and its associates issued fake bank guarantees for an 8% commission and created forged bills to facilitate transactions. Several crores were found routed through undisclosed bank accounts.

The firm was discovered to be a paper company operating from a residential property, with no official records found. Key individuals used Telegram with disappearing messages to hide communications. Notably, a fake bank guarantee of ₹68.2 crore submitted to SECI on behalf of a Reliance Power subsidiary has also come under ED scrutiny.

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