Unraveling a Rs 68 Crore Fake Bank Guarantee Racket: The Odisha Company Scandal

The Enforcement Directorate has arrested Partha Sarathi Biswal, managing director of Biswal Tradelink, for allegedly running a fake bank guarantee issuance racket. The company allegedly provided a fraudulent Rs 68.2 crore guarantee to Reliance Group. The ED's investigation follows a 2024 FIR, with multiple suspicious transactions being scrutinized.

The Enforcement Directorate (ED) has apprehended Partha Sarathi Biswal, managing director of Odisha's Biswal Tradelink, on charges of operating a fraudulent bank guarantee racket. The director, accused of misrepresenting finances for business groups, was linked to a Rs 68 crore assurance for a Reliance Group subsidiary.

Authorities launched an intensive investigation in Bhubaneswar, uncovering questionable dealings, including a fake bank guarantee issued to Solar Energy Corporation of India Limited on behalf of Reliance NU BESS Limited. The arrest follows a 2024 FIR from the Delhi Police Economic Offences Wing.

Further inquiry revealed Biswal Tradelink's utilization of deceptive email domains to impersonate official banking communications. As the probe deepens, the ED scrutinizes the company's multiple undisclosed accounts and suspicious high-value transactions, aiming to untangle the web of deceit and ensure justice.

(With inputs from agencies.)