ED Files Supplementary Chargesheet, Tightens Noose Around Reliance Power Over ₹68.2 Crore Fake Bank Guarantee

Mumbai, Dec 06: The Enforcement Directorate (ED) has filed a supplementary prosecution complaint (PC) against Anil Ambani’s group company, Reliance Power Ltd., and 10 other entities in an alleged money laundering case linked to reportedly fake bank guarantees worth Rs 68.2 crore submitted to the Solar Energy Corporation of India (SECI). The guarantees were reportedly used to secure a major battery energy storage project tender, the central agency said on Saturday.

Filed Before Patiala House Court Under PMLA

The complaint, filed before the Patiala House Court under the Prevention of Money Laundering Act (PMLA), follows two FIRs registered by the Delhi Police Economic Offences Wing (EOW). One FIR was lodged based on SECI’s complaint against Reliance NU BESS Ltd., a subsidiary of Reliance Power, while the second was filed by Reliance NU BESS Ltd. against Bhubaneswar-based Biswal Tradelink Pvt. Ltd. and its Managing Director, Partha Sarathi Biswal.

Names of Accused in Supplementary Complaint

The supplementary PC names several accused, including former Reliance Power CFO Ashok Kumar Pal, subsidiaries Reliance NU BESS Ltd. and Rosa Power Supply Company Ltd., Biothane Chemicals Pvt. Ltd., and trade financing consultant Amar Nath Dutta. Additional accused include Ravinder Pal Singh Chadha, Manoj Bhaiyasaheb Pongde, and Punit Narendra Garg.

Fake Bank Guarantee Linked to SECI Tender

The case revolves around the Rs 68.2 crore bank guarantee submitted to secure a tender from SECI on behalf of Reliance NU BESS Ltd., formerly known as Maharashtra Energy Generation Limited.

ED Claims Executives Aware of Forged Guarantee

According to the ED’s prosecution complaint, Reliance Group executives were aware that the bank guarantee submitted was forged. The agency alleged that SECI received “fraudulent” endorsement emails from a spoofed State Bank of India (SBI) email ID. After SECI flagged the discrepancies, Reliance Group arranged a genuine bank guarantee from IDBI Bank within a day. However, SECI refused to accept the fresh IDBI guarantee as it was submitted after the tender deadline.

Attempt to Replace Fake Guarantee With Fresh Endorsement

Since Reliance NU BESS emerged as the L-2 bidder, the group allegedly attempted to arrange a fresh endorsement of the fake foreign bank guarantee from an SBI branch in Kolkata. During this process, officials reportedly executed a dummy agreement and obtained a “Certificate of Enlistment” for Reliance NU BESS from the Kolkata Municipal Corporation using falsified address documents. When these efforts failed, the group allegedly shifted blame to intermediaries and filed a complaint against Biswal Tradelink Pvt. Ltd. and its Managing Director, Partha Sarathi Biswal.

Arrests in the Case

Biswal was arrested by the ED in this case, apart from former Reliance Power CFO Ashok Kumar Pal and Amar Nath Dutta. They are currently lodged in jail under judicial custody.

Reliance Group Issues Statement of Denial

The Reliance Group, in its defence, stated that Anil Ambani has not been on its board for over three and a half years and has “no involvement” in the matter. It termed itself a “victim of fraud, forgery and cheating” by external parties and disclosed the issue to stock exchanges on November 7, 2024.

ED Alleges Fraudulent BG Procurement Via Shell Entity

The ED’s probe revealed that Reliance Power, “with mala fide intent,” hired the shell company Biswal Tradelink to procure a fraudulent bank guarantee worth Rs 68.2 crore, allegedly issued by non-existent branches of FirstRand Bank in Manila, Philippines, and ACE Investment Bank, Malaysia. The guarantees were required for a bid submitted by Reliance Power for a SECI tender to set up 1,000 MW/2,000 MWh standalone Battery Energy Storage System (BESS) projects under tariff-based competitive bidding.

Spoofed SBI Email and Forged Endorsement Letters Used

The agency alleged that endorsements of the fake bank guarantees were carried out using a spoofed SBI email ID and forged letters purportedly issued by the State Bank of India (SBI). A fraudulent domain, s-bi.co.in—a lookalike of SBI’s official address—was reportedly used for the purpose, the ED said.

Funds Routed to Facilitate Fake BG Arrangement

The chargesheet further alleged that Reliance Power routed Rs 6.33 crore from its subsidiary Rosa Power Supply Company Ltd. to Biswal Tradelink under the guise of bogus transportation services to meet the funding requirements for arranging the fake bank guarantee. Officials of the Reliance Group allegedly executed fake work orders and invoices in collusion with Biswal.

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Rs 5.40 Crore Paid to Shell Entity as Service Fees

“After the arrangement of the fraudulent bank guarantee by Biswal Tradelink, Reliance Power also paid a hefty fee of Rs 5.40 crore to the shell entity to depict the entire arrangement as a genuine commercial transaction,” the ED claimed.

The agency further stated in the chargesheet that it has attached assets worth Rs 5.15 crore as part of the probe.

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