<h1>Fake Rs 68 Crore Bank Guarantee Scam Investigated Under PMLA Section for Fraudulent Financial Transactions</h1> The Enforcement Directorate conducted searches on an Odisha-based company and its directors for allegedly running a fake bank guarantee racket, including issuing a fraudulent Rs 68 crore guarantee to a subsidiary of a major business group. The case, filed under the Prevention of Money Laundering Act, originated from a police FIR in November 2024. Investigations revealed the company used a deceptive email domain mimicking a major bank to send forged communications and facilitated fake bills through multiple undisclosed bank accounts. The entity was found to be a paper company with no genuine office records, and key individuals reportedly used encrypted messaging to conceal communications. The implicated business group has reported being a victim of fraud and lodged a criminal complaint, with ongoing inquiries into similar suspicious financial transactions.