The Enforcement Directorate (ED) has started a serious investigation into a ₹68.2 crore fake bank guarantee issued to the Solar Energy Corporation of India (SECI). This fake guarantee is linked to companies under the Anil Ambani Group, including Reliance NU BESS Ltd. and Maharashtra Energy Generation Ltd. The ED confirmed that the documents were completely fake and were part of a larger plan to mislead government officials.
The investigation began after Delhi’s Economic Offences Wing filed an FIR in November 2024. ED teams carried out searches at several places, three locations in Bhubaneswar connected to Biswal Tradelink Pvt Ltd, and one in Kolkata tied to its business partners. During the searches, ED found suspicious bank accounts, shell companies (which don’t do real business), and crores in unusual transactions. One of the fake companies was even registered at a relative’s home.
The fraud was carried out using spoofed emails that looked like they were from State Bank of India (SBI). Scammers used a fake domain “s-bi.co.in” instead of the real SBI site, and also used Telegram’s disappearing messages to hide their tracks. ED also found that these fake guarantees were being sold for commissions, showing a deeper fraud network.
This case is part of a bigger problem. ED is also investigating a ₹17,000 crore loan fraud involving Anil Ambani and has summoned him on August 5, 2025. The fallout has already hit the market, shares of Reliance Power and Reliance Infrastructure dropped by nearly 5% after the news broke.
The case is not just about fraud, it shows how advanced tactics, like forged papers, fake websites, and encrypted chats, are being used in financial crimes. There are likely to be serious legal charges under money laundering laws (PMLA). The case also puts pressure on other companies to improve their checks and internal controls, especially in high-value government and energy projects.