The Enforcement Directorate (ED) has escalated its investigation into the financial dealings of the Anil Ambani-led Reliance Group by launching a parallel probe into a separate scam involving a fake bank guarantee worth over Rs 68 crore. The fresh development adds a new layer of scrutiny to the high-profile case already under investigation for allegations of fund diversion and loan fraud. In a coordinated operation, ED officials carried out search operations across multiple cities, uncovering alarming evidence of forgery, digital deception, and the use of shell companies. This new probe shines a light on the wider network of financial malpractice that may have aided business interests linked to the Ambani group.
ED’s Surprise Raids Across Bhubaneswar and Kolkata Uncover Digital Deception
On Thursday evening, the ED conducted a series of well-planned search operations at four different premises—three located in Bhubaneswar and one in Kolkata. These sites are reportedly linked to a lesser-known firm named Biswal Tradelink Pvt Ltd. Despite its low public profile, the company has now come under the agency’s radar for allegedly orchestrating a sophisticated scam involving shell companies and fake bank guarantees issued for commissions.
According to investigators, Biswal Tradelink issued a fraudulent bank guarantee valued at Rs 68.2 crore to the Solar Energy Corporation of India (SECI). The fake guarantee was presented as if it were backed by the State Bank of India (SBI), India’s largest public sector bank. The company allegedly charged an 8% commission for facilitating such fake financial documents. What makes the scam particularly alarming is the level of digital sophistication employed to execute the fraud.
Officials discovered that the perpetrators created and operated a cloned website under the domain s-bi.co.in, which was deliberately designed to mimic SBI’s legitimate domain, sbi.co.in. Using this counterfeit domain, they sent out emails and documents that convincingly appeared to originate from the bank, thereby deceiving SECI and potentially other stakeholders.
ED’s raids have reportedly led to the recovery of key digital evidence, including email communications and internal messages between the suspects. Particularly telling is the revelation that the scamsters used Telegram’s disappearing message feature to communicate, indicating a premeditated attempt to avoid surveillance and erase digital footprints.
Link to Anil Ambani Group Companies Raises the Stakes
The investigation took a more serious turn when ED officials found evidence suggesting that the fake bank guarantee was not a standalone act of fraud, but part of a wider transactional scheme involving companies linked to the Anil Ambani group. The fraudulent guarantee was allegedly routed to support a transaction involving Reliance NU BESS Private Limited and Maharashtra Energy Generation Limited—two entities affiliated with the larger Reliance Group operated by Ambani.
The nature of this linkage is now under the scanner, with ED attempting to ascertain whether these group companies had any role in initiating, facilitating, or benefiting from the forged guarantee. Although no direct involvement of Ambani himself has been officially confirmed at this stage, the presence of his group’s companies in the transactional chain has triggered fresh questions regarding the extent of complicity and awareness within the organisation.
What further complicates the matter is that the investigation is not limited to financial fraud but extends to cyber manipulation and systemic abuse of institutional trust. The usage of forged digital domains and encrypted messaging applications signals a methodical, well-coordinated effort to bypass conventional oversight mechanisms.
The ED’s widened scope of investigation suggests a broader nexus of financial misconduct potentially spanning multiple firms, intermediaries, and possibly complicit employees. While the full scale of the fraud is still being mapped, Thursday’s raids and the seizure of digital records have given the agency critical leads.
The spotlight is now firmly on the regulatory and corporate ecosystem surrounding these transactions. Questions are being raised about internal checks, the due diligence mechanisms at SECI, and how a forged guarantee could slip through standard verification processes. As more layers of this complex financial web unravel, the ED is expected to issue additional summons and possibly arrest individuals involved in the coordination and execution of this fraudulent scheme.
In the coming days, the financial and corporate world will be closely watching the outcome of this investigation. With prominent business names like Reliance being drawn into the frame, the case is likely to have wide-ranging implications for financial regulation, digital authentication, and corporate governance standards in India.
