Probe reveals alleged conspiracy by company officials to secure SECI solar tender using forged guarantees; total assets attached in Ambani-linked cases now exceed ₹10,117 crore.
New Delhi (Economy India): India’s financial enforcement landscape saw a major development this week as the Enforcement Directorate (ED) filed a detailed chargesheet against Reliance Power Limited, its subsidiaries, former senior officials, and a set of private intermediaries in a money laundering case revolving around a ₹68.2 crore fake bank guarantee.
This alleged fake guarantee was submitted to the Solar Energy Corporation of India (SECI) for securing a renewable energy tender, marking one of the more serious fraud allegations faced by a listed company in recent years.
Fraudulent Guarantee at the Centre of ED’s Case
According to the chargesheet, Reliance NU BESS Limited — a subsidiary of Reliance Power — submitted a bank guarantee that turned out to be entirely fabricated.
ED investigators claim the guarantee was produced using forged documentation, including:
• Fake instruments purportedly issued by First Rand Bank (Philippines) and ACE Investment Bank (Malaysia)
• Fraudulent endorsements made in the name of the State Bank of India
• Misrepresented financial documents routed through intermediaries
The ED alleges that the companies and individuals involved acted with “mala fide intention” and “active connivance” to win the SECI tender through fraudulent means.
Officials allege that the fraud was not accidental but part of a planned exercise involving layered transactions, misuse of corporate accounts, and employment of a shell entity — Biswal Tradelink Pvt Ltd — to create the fake guarantees.
Who Has Been Named in the Chargesheet?
The 2024 chargesheet highlights the involvement of several entities and individuals:
• Reliance Power Limited – the listed parent company
• Reliance NU BESS Ltd – subsidiary that submitted the guarantee
• Rosa Power Supply Company Ltd – used for fund routing
• Ashok Kumar Pal – former CFO of Reliance Power
• Puneet Narendra Garg, Ravinder Pal Singh Chaddha, Manoj Bhayasaheb Pongade
• Biswal Tradelink Pvt Ltd – the alleged shell company
• Partha Sarathi Biswal – Managing Director of Biswal Tradelink
• Amar Nath Dutta – trade financing consultant
Two accused — former CFO Ashok Pal and consultant Amar Dutta — have already been arrested and remain in judicial custody.
Reliance Group’s Response
The Anil Ambani–led Reliance Group issued a statement distancing its chairman from the case.
According to the group, Anil Ambani has not been a board member of Reliance Power for over 3.5 years and has “no involvement or operational link” with the matter under investigation.
The group also said it is cooperating with authorities “as required by law.”
Asset Attachments Rise to ₹10,117 Crore
The chargesheet comes just a day after the ED attached ₹1,120 crore worth of assets belonging to companies linked to Anil Ambani.
These attachments include:
• Properties located in Maharashtra, Delhi, and Uttar Pradesh
• Shares and financial instruments held by group entities
• Movable and immovable assets of Reliance Infrastructure and related firms
With this latest action, the total seizures and attachments by ED in cases associated with Anil Ambani have reached ₹10,117 crore.
How the Case Originated
The origin of the case lies in a November 2024 FIR filed by the Economic Offences Wing (EOW) of Delhi Police.
The FIR alleged that SECI was misled into accepting a non-existent guarantee as a valid financial instrument during a competitive bidding process.
Investigators later found irregular fund flows and document tampering, prompting the ED to register a money laundering case under the Prevention of Money Laundering Act (PMLA).
ED’s Findings: A Larger Pattern of Irregularities?
The agency believes that the fake bank guarantee case may be symptomatic of broader concerns in renewable energy bidding processes.
Officials have suggested that:
• Multiple foreign banks’ names were misused
• Guarantees were fabricated with precision, pointing to professional forgery networks
• Fake firms were used to mask the origin of documents
• Funds were routed to avoid traceability
The ED’s chargesheet hints at the possibility of additional complaints involving similar patterns, though no formal statement has been made on expanding the investigation.
Implications for the Renewable Energy Sector
The case has triggered discussions within the renewable energy sector, which is heavily dependent on bank guarantees for project awards.
Analysts suggest that such frauds — if proven — raise concerns about:
• The credibility of bank guarantee verification systems
• The due diligence practices of project bidders
• The potential misuse of shell companies to create financial instruments
• Regulatory oversight in India’s rapidly growing clean-energy industry
SECI has not cancelled the tender yet but has been sharing documents with investigative agencies.
What Happens Next?
The special PMLA court will now examine the ED’s chargesheet.
Next steps may include:
• Summons to accused companies and individuals
• Further custodial interrogations, if required
• Additional attachments based on money trail findings
• Possible supplementary chargesheets
A wider investigation into associated entities has not been ruled out.
The Reliance Power fake bank guarantee case has emerged as one of the most significant corporate fraud inquiries of the year. With thousands of crores in attached assets, high-profile names involved, and a renewable energy tender at stake, the case continues to expand its legal and financial footprint.
Its outcome will likely shape future norms on bank guarantee verification, corporate governance, and transparency requirements in India’s infrastructure and energy sectors — especially as the government accelerates its push toward clean power.
(Economy India)
