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The Enforcement Directorate (ED) has arrested the managing director of a company based in Odisha. The accused had allegedly run a racket to issue fake bank guarantee for commercial groups.
New Delhi: The Enforcement Directorate (ED) has arrested the managing director of a company based in Odisha. The accused had allegedly run a racket for issuing fake bank guarantee for commercial groups, including a company of Reliance Group allegedly providing assurance of Rs 68 crore. The Federal Investigation Agency (ED) on Friday launched a raid in this case of funds against a company called Biswal Tradalink in Bhubaneswar. Partha Sarathi Biswal, Managing Director of Biswal Tradalink, was detained from Bhubaneswar on Friday under the Prevention of Money Laundering Act (PMLA). He said that a court has sent him to the custody of the Enforcement Directorate till 6 August.
Fake bank guarantee on eight percent commission
This case is related to the FIR of November 2024, the Economic Offenses Wing of Delhi Police (EOW). The ED on Friday started searching the company’s three premises in Bhubaneswar and a “cooperative” unit in Kolkata. It is said that the company used to issue fake bank guarantee at eight percent commission. Police said that a bank guarantee worth Rs 68.2 crore was found to be fake by Reliance NU Base Limited, a subsidiary of Reliance Power Reliance NU Base Limited. The company was previously known as Maharashtra Energy Generation Limited. The ED recently raided the companies of Reliance Group led by Anil Ambani in Mumbai. During this time some documents related to this transaction were seized.
Checking many undeclared bank accounts of the company
A spokesperson of the Reliance Group said on Friday that Reliance Power had been a victim of fraud, forgery and fraud in the case and has made appropriate revelations in this context before the stock exchanges on 7 November 2024. The spokesman said that a criminal complaint was lodged against the third party (accused company) in October 2024 at the Delhi Police EOW and the proper procedure of the law would be followed. Sources said that similar suspected financial transactions have been detected with many companies and it is being investigated. The company is accused that it has many undisclosed bank accounts and more transactions have been done than its declared business. It is believed that the agency has detected about seven undeclared bank accounts of the company.
Use of fake domain
It was found that the company was using an email domain-S-Bi.co.in instead of the actual sbi.co.in to pretend that this letter is being sent by the State Bank of India (SBI), the largest lender of the country. Sources said that fake domains were used to send fake letters to SECI, which was a copy of SBI. In this case, the ED has written a letter to the National Internet Exchange of India and has sought domain registration details of fake email domain. According to sources, the ED’s preliminary investigation has indicated that the Odisha -based company has also provided fake bills for commission and has used many undeclared bank accounts. He said that suspicious transactions of crores of rupees have been done through these bank accounts. To hide your communication, put the Telegram app in ‘missing message’ in competent mode.
