Preliminary findings show Biswal Tradelink charged an 8 per cent commission for issuing fake bank guarantees. The company appears to be a paper entity with its registered office at a residential property linked to a relative. No formal company records were found at the address, and suspicious financial flows and shell accounts have also been detected. Communications recovered suggest suspects used Telegram’s disappearing-messages feature to evade surveillance.
This fresh case adds to the broader scrutiny ED has applied to the Anil Ambani Group, which is already under investigation for alleged major financial malfeasance. Earlier raids covered more than 35 locations linked to the group and stem from allegations involving up to Rs 30,000 crore siphoned through questionable loan practices, primarily involving Yes Bank during 2017–2019.
Anil Ambani has also been summoned by the ED for questioning on August 5, 2025, in connection with a separate Rs 17,000‑crore loan fraud investigation. Shares of Reliance Power and Reliance Infrastructure declined by nearly 5 per cent following the announcement.
The investigation into the Rs 68.2 crore fake guarantee case remains at a preliminary stage. Further forensic analysis, interrogation of individuals, and tracing the financial trail are underway. The outcome could significantly complicate the legal and regulatory challenges already facing the Anil Ambani Group.
