Has the ED Filed a Chargesheet Against Reliance Power and Others in a Fake Bank Guarantee Case?
Synopsis
The Enforcement Directorate's recent chargesheet against Reliance Power and others highlights a significant case involving fraudulent bank guarantees. With Rs 68 crore at stake and several high-profile individuals implicated, this unfolding story raises critical questions about corporate ethics and compliance.
Key Takeaways
ED has filed charges against Reliance Power Ltd.
Fake bank guarantees worth Rs 68 crore involved.
Ten other parties are implicated in the case.
Proceeds of crime worth Rs 5.15 crore have been attached.
Reliance Group continues to operate amid investigations.
New Delhi, December 6 (NationPress) The Enforcement Directorate (ED) announced on Saturday that it has submitted a chargesheet against Reliance Power Ltd along with ten other parties in connection to a fraudulent bank guarantee totaling Rs 68 crore that was presented by Reliance Power Limited to the Solar Energy Corporation of India (SECI) to secure a tender.
The ED has lodged a Supplementary Prosecution Complaint against Partha Sarathi Biswal, Biswal Tradelink Private Limited, Biothane Chemicals Private Limited, Amar Nath Dutta, Ravinder Pal Singh Chadha, Reliance NU BESS Limited, Rosa Power Supply Company Limited, Manoj Bhaiyasaheb Pongde, Reliance Power Limited, Ashok Kumar Pal, and Punit Narendra Garg.
Prior to filing this Prosecution Complaint, the ED also attached proceeds of crime amounting to Rs 5.15 crore.
The statement from the ED highlighted that officials from the Reliance Group were fully aware that a fake Bank Guarantee along with its fraudulent endorsements were submitted to SECI from a spoofed email address of SBI. When SECI uncovered the fraud, the Reliance Group promptly arranged for a legitimate Bank Guarantee from IDBI Bank, but SECI rejected it since it was submitted post the due date.
The investigation was triggered by First Information Reports (FIRs) filed by the Economic Offences Wing (EOW) of the Delhi Police against Reliance NU BESS Ltd, a wholly-owned subsidiary of Reliance Power, following a complaint from SECI, as well as another FIR initiated by Reliance NU BESS Ltd against BTPL and its MD Biswal.
The inquiry has revealed the connivance and malicious intent of the Reliance Group in obtaining the SECI tender through the submission of fraudulent Bank Guarantees allegedly issued by foreign banks, accompanied by forged endorsements in the name of SBI, according to the ED.
On Friday, the ED stated that it has provisionally attached properties and assets worth Rs 10,117 crore owned by the Anil Ambani-led Reliance Group.
In this recent action, the financial regulator seized over 18 properties, fixed deposits, bank balances, and shareholding in unquoted investments of the Reliance Anil Ambani Group, valued at Rs 1,120 crore related to the Reliance Home Finance Limited/Reliance Commercial Finance Limited/Yes Bank Fraud Case.
The seized properties consist of seven assets belonging to Reliance Infrastructure Limited, two from Reliance Power Limited, and nine properties of Reliance Value Service Private Limited.
In separate statements, both Reliance Infrastructure Limited and Reliance Power affirmed that they continue to operate normally and remain dedicated to growth, operational excellence, and delivering sustainable value for all stakeholders.
Point of View
It is imperative to remain vigilant about corporate accountability. The charges filed by the ED against Reliance Power not only highlight the need for strict compliance within the corporate sector but also serve as a reminder of the critical role of regulatory bodies in maintaining fair practices in the economy.
NationPress
10 May 2026
Frequently Asked Questions
What is the case against Reliance Power about?
The case revolves around the submission of fraudulent bank guarantees amounting to Rs 68 crore to SECI.
Who else is implicated in this case?
Ten others, including executives from various companies associated with Reliance, are also named in the chargesheet.
What actions has the ED taken?
The ED has filed a chargesheet and has provisionally attached assets worth Rs 10,117 crore belonging to Reliance Group.
What are the implications of these charges?
The charges raise serious questions about corporate governance and compliance, potentially affecting investor confidence.
How has Reliance responded to the allegations?
Reliance has stated that they continue to operate normally and remain committed to sustainable growth.
