Has the ED made a third arrest in the Reliance Power fraudulent bank guarantee case?
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Synopsis
The Enforcement Directorate's latest arrest in the Reliance Power bogus bank guarantee case raises significant concerns about financial integrity. Amar Nath Dutta's involvement highlights a broader scheme impacting the Solar Energy Corporation of India, resulting in massive losses and questioning the operations of influential figures in the sector.
Key Takeaways
- The Enforcement Directorate is intensifying its investigation into the Reliance Power fraud case.
- Amar Nath Dutta is the third individual arrested in this case.
- SECI has suffered over Rs 100 crore in losses due to fraudulent activities.
- Previous arrests include the former CFO of Reliance Power and a managing director of a trade company.
- The ED continues to attach properties linked to the case under the Prevention of Money Laundering Act.
New Delhi, Nov 7 (NationPress) The Enforcement Directorate (ED) has taken into custody Amar Nath Dutta in connection with a fraudulent Bank Guarantee case tied to Reliance Power Limited, a firm owned by industrialist Anil Ambani.
This marks the third arrest by the ED in this ongoing investigation, with the court granting a four-day custody period for Dutta.
The financial regulatory body has indicated that the case involves the creation and use of forged Bank Guarantees, including phony endorsements and Structured Financial Messaging System (SFMS) confirmations, intended for submission to the Solar Energy Corporation of India Limited (SECI). This was allegedly done to manipulate the tendering process and deceive the public.
SECI incurred losses exceeding Rs 100 crore as a result of these fraudulent Bank Guarantees.
Previously, the former CFO of Reliance Power, Ashok Pal, along with Partha Sarathi Biswal, managing director of Biswal Tradelink Pvt. Ltd, were also apprehended by the ED.
It has been reported that Pal was part of discussions in Kolkata with Dutta, Biswal, Shiv Sankar Das, and others, advocating for new forged endorsements.
Pal, a close associate of Anil Ambani, was arrested on October 11 under allegations of money laundering linked to a fake bank guarantee case associated with the Anil Dhirubhai Ambani (ADA) Group.
The ED alleges that Pal played a pivotal role in misappropriating company funds and submitting counterfeit bank guarantees exceeding Rs 68 crore to SECI, purportedly to defraud a public sector entity. He remains in judicial custody.
Following his arrest, Pal resigned from his position as CFO of Reliance Power. The ED's investigation is a continuation of a Central Bureau of Investigation (CBI) FIR regarding purported financial irregularities involving Yes Bank and several entities of the ADA Group.
A Delhi court subsequently dismissed a petition that challenged Pal's arrest, with the Patiala House Court rejecting claims regarding the legality of his arrest by the ED.
Furthermore, the ED has summoned Anil Ambani, the chairman of the Reliance ADAG Group, for questioning on November 14 in relation to the ongoing money laundering investigation.
This development comes shortly after the ED provisionally attached over 132 acres of land valued at Rs 4,462.81 crore in Dhirubhai Ambani Knowledge City at Navi Mumbai under the Prevention of Money Laundering Act.
The ED had previously attached 42 properties worth over Rs 3,083 crore in relation to the bank fraud cases involving Reliance Communications Ltd. (RCOM), Reliance Commercial Finance Ltd., and Reliance Home Finance Ltd..
Point of View
The unfolding events in the Reliance Power case serve as a critical reminder of the importance of financial accountability. As the Enforcement Directorate delves deeper, it is essential for institutions to uphold transparency and integrity to restore public trust in both corporate and governmental operations.
NationPress
07/11/2025
Frequently Asked Questions
What is the Reliance Power bogus bank guarantee case?
The case involves the creation and use of forged bank guarantees by individuals connected to Reliance Power to manipulate tender processes and defraud the Solar Energy Corporation of India.
Who has been arrested in connection with this case?
Amar Nath Dutta is the latest individual arrested by the Enforcement Directorate, with previous arrests including Ashok Pal, the former CFO of Reliance Power, and Partha Sarathi Biswal.
What losses has SECI incurred?
The Solar Energy Corporation of India has suffered losses exceeding Rs 100 crore due to the fraudulent bank guarantees.
What actions has the ED taken so far?
The ED has made multiple arrests, conducted investigations, and attached properties worth significant amounts related to the fraud cases involving Reliance entities.
What is the next step for Anil Ambani in this investigation?
Anil Ambani has been summoned for questioning by the ED on November 14 as part of the ongoing investigation into the money laundering case.
