Latest news with #SECI
Hans India
an hour ago
- Business
- Hans India
New Investigation Targets Anil Ambani Over Alleged ₹68 Crore Fake Bank Guarantee
The Enforcement Directorate (ED) has intensified its ongoing investigation into allegations of financial irregularities in an organization called the Anil Ambani Group. The company has also launched an investigation into the Anil Ambani fresh probe case valued at Rs 68.2 millions, NDTV Profit reported. The ED on Thursday night carried out a series of search ED investigation Anil Ambani in four locations including three situated in Bhubaneswar along with one location situated in Kolkata -- associated with a company known by its name as Biswal Tradelink Pvt. Ltd. an unassuming entity that is being investigated for operating an array that included shell corporations and issuing Rs 68 crore fake bank guarantee to pay commissions. According to authorities, Biswal Tradelink issued a fake bank guarantee to the Solar Energy Corporation of India (SECI) which had the value totaling around 68.2 crore. In Reliance Group controversy, the firm was alleged to have charged an 8-percent commission for fake bank guarantees. Cents for fake bank guarantees. The criminals used a fake domain called that was designed to look like the real website of State Bank of India ( The cloned domain was used to fool SECI and other organizations by sending fake emails that seemed to come from the institution. ED officials have located communications from suspects, proving that Telegram's disappearing messaging feature was being utilized by the network in order to avoid surveillance and keep it secret. The bank guarantee in the Anil Ambani fraud case was believed to have been arranged to aid the transaction between Reliance NU BESS Private Limited and Maharashtra Energy Generation Limited, both of which are linked with the Anil Ambani company group. The agency has determined that the bank's guarantee was fake bank guarantee charges and was backed up by forged communications designed to impersonate the State Bank of India (SBI). The syndicate apparently attempted to pass off the guarantee as authentic by using a forged email address ' in place of ' when dealing with SECI.
New Indian Express
2 hours ago
- Business
- New Indian Express
Explained: Why the ED is investigating a ₹68.2 crore fake bank guarantee tied to Anil Ambani Group
CHENNAI: Alongside the high-profile loan fraud case involving the Anil Ambani Group, Indian financial crime investigators have launched a fresh money laundering probe into the Group, this time focusing on a suspected fake bank guarantee racket worth Rs 68.2 crore. This probe follows an FIR filed by Delhi's Economic Offences Wing in November 2024, relating to a bogus guarantee submitted to the Solar Energy Corporation of India (SECI). According to reports, the Enforcement Directorate conducted coordinated raids on four premises linked to a little-known firm, Biswal Tradelink Pvt Ltd—three in Bhubaneswar and one in Kolkata—on Thursday evening. ED officials say the fake bank guarantee was issued in the name of Reliance NU BESS Limited and Maharashtra Energy Generation Limited, both connected to the Ambani group. The guarantee was entirely forged and backed by counterfeit communications designed to impersonate the State Bank of India. Fraudsters reportedly used a spoofed domain ('s‑ mimicking the genuine SBI domain (' to deceive SECI.
NDTV
3 hours ago
- Business
- NDTV
In Fresh Probe Against Anil Ambani, Rs 68 Crore Fake Bank Guarantee Charge
New Delhi: The Enforcement Directorate (ED) has widened its ongoing investigation into alleged financial irregularities involving the Anil Ambani Group, launching a parallel probe into a fake bank guarantee case worth Rs 68.2 crore, NDTV Profit reported. The ED on Thursday evening conducted a series of search operations across four premises -- three in Bhubaneswar and one in Kolkata -- that are connected to a firm identified as Biswal Tradelink Pvt Ltd, a relatively obscure entity now under scrutiny for allegedly operating a network of shell companies and issuing forged bank guarantees for commissions. According to officials, Biswal Tradelink issued a fake bank guarantee to the Solar Energy Corporation of India (SECI), with the total value pegged at Rs 68.2 crore. The firm allegedly charged a commission of 8 per cent for fake bank guarantees. The fraudsters used a spoofed domain, designed to closely mimic the genuine domain of the State Bank of India ( This cloned domain was allegedly used to deceive SECI and others by sending forged emails that appeared to be from the bank. ED officials have recovered communication from the suspects showing that Telegram's disappearing message feature was actively used by the network to evade surveillance and maintain secrecy. The fake bank guarantee was allegedly routed to support a transaction involving Reliance NU BESS Private Limited and Maharashtra Energy Generation Limited, both linked to the Anil Ambani business group.
Time of India
2 days ago
- Business
- Time of India
Acme lowest bidder in latest green ammonia tender at record price
New Delhi: Acme Cleantech Solutions has emerged as the lowest bidder for supplying 75,000 tonnes of green ammonia under the Strategic Interventions for Green Hydrogen Transition (SIGHT) scheme with a discovered price of Rs 55.75/kg for Paradeep Phosphate Ltd at its Paradeep facility. The price discovered is the lowest in any such tender. Explore courses from Top Institutes in Please select course: Select a Course Category others Data Analytics Artificial Intelligence CXO PGDM Leadership Technology Project Management Management Others Healthcare Finance Degree healthcare Public Policy Data Science Design Thinking Product Management Cybersecurity Data Science Operations Management Digital Marketing MBA MCA Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT - ISB Cybersecurity for Leaders Program India Starts on undefined Get Details 'The first-ever auction conducted by SECI for the procurement of green ammonia under the SIGHT Scheme (Mode-2A) has achieved a record low price discovery of ₹55.75/kg,' the Solar Energy Corporation of India (SECI), which conducted the auction, said. The discovered price translates to around $641/tonne, a substantial drop from the previously discovered price of $1,153/tonne in the H2Global auction, it said. With grey Ammonia prices reaching $515/tonne as of March 2025, this 10-year fixed-price bid provides strong economic rationale for off takers to initiate their clean energy transition journey, SECI said. Live Events The tender called for the production and supply of 724,000 tonnes of green ammonia annually across 13 fertilizer plants in this tranche which were listed in the tender. Some of the procurers enlisted in the bidding document were Indian Farmers Fertiliser Cooperative (IFFCO) in Kandla, Madras Fertilisers' Manali and Chennai units, Indorama India in Haldia, Mangalore Chemicals & Fertilisers' Panambur unit and Coromandel International 's Visakhapatnam unit. The reverse auction for price discovery is being done separately for each plant and in phases because of the complexity of bid evaluation, according to an industry official. SECI anchored the demand aggregation and will sign long-term offtake agreements, providing producers with market certainty over a 10-year contract period. The tender was issued in June 2024 and the last date was July 10 after many extensions over the year. The government is offering financial incentives under the National Green Hydrogen Mission, with Production Linked Incentives (PLI) of Rs 8.82/kg, Rs 7.06/kg, and Rs 5.30/kg for the first three years respectively, amounting to a total support of Rs 1,533.4 crore. India consumes approximately 17-19 million tonnes of ammonia annually, with more than 50% of its hydrogen requirement used in fertilizer production . However, most of this is derived from imported natural gas. Producing green hydrogen emits less than 2 kg of CO₂ per kilogram, compared to up to 12 kg CO₂ from conventional grey hydrogen, according to the Ministry of New and Renewable Energy.
Business Standard
7 days ago
- Business
- Business Standard
Nifty trades below 25,850 mark; PSU bank shares slides
The key equity indices traded with major losses in the mid- afternoon trade. The Nifty traded below the 25,850 mark. PSU bank shares declined after advancing for previous two trading session. At 14:30 IST, the barometer index, the S&P BSE Sensex, tanked 707.11 points or 0.86% to 81,474.82. The Nifty 50 index declined 216 points or 0.86% to 24,846.10. The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.37% and the S&P BSE Small-Cap index tanked 1.75%. The overall market breadth was weak, with more stocks declining than advancing. On the BSE, 1,030 stocks advanced, 2,895 declined, and 163 remained unchanged. Buzzing Index: The Nifty PSU bank index fell 1.55% to 7,014.10. The index rose 0.11% in the previous two trading sessions. Union Bank of India (down 5.6%), Indian Bank (down 2.5%), Punjab & Sind Bank (down 1.94%), Canara Bank (down 1.91%) and Central Bank of India (down 1.7%), Punjab National Bank (down 1.52%), UCO Bank (down 1.46%), Indian Overseas Bank (down 1.28%), Bank of Baroda (down 1.12%) and Bank of India (down 1.02%) declined. Numbers to Track: The yield on India's 10-year benchmark federal paper rose 0.28% to 6.347 from the previous close of 6.329. In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 86.5800 compared with its close of 86.4000 during the previous trading session. MCX Gold futures for 5 August 2025 settlement shed 0.42% to Rs 98,309. The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.11% to 97.60. The United States 10-year bond yield rose 0.16% to 4.415. In the commodities market, Brent crude for September 2025 settlement rose 50 cent or 0.72% to $69.68 a barrel. Stocks in Spotlight: KFin Technologies declined 4.96% after the companys consolidated net profit dropped 9.16% to Rs 77.26 crore on a 3.06% rise in revenue to Rs 274.06 crore in Q1 FY26 over Q4 FY25. JSW Energy fell 2.23%. The company said that its wholly owned subsidiary JSW Neo Energy has signed a power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) under the SECI FDRE Tranche IV scheme.
