New Delhi— The Enforcement Directorate (ED) on Saturday announced that it has filed a chargesheet against Reliance Power Ltd and 10 individuals and entities in connection with a money laundering case involving an alleged fake bank guarantee worth ₹68 crore. The chargesheet was submitted before the Patiala House Court in Delhi under the Prevention of Money Laundering Act (PMLA).
Among the accused are former Reliance Power CFO Ashok Kumar Pal, Reliance NU BESS Ltd, Rosa Power Supply Company Ltd, Biswal Tradelink Pvt Ltd, its managing director Partha Sarathi Biswal, Biothane Chemicals Pvt Ltd, trade finance consultant Amar Nath Dutta, Ravinder Pal Singh Chadha, Manoj Bhaiyasaheb Pongde, and Punit Narendra Garg.
According to the ED, the case pertains to a bank guarantee of ₹68.2 crore submitted on behalf of Reliance NU BESS Ltd—formerly Maharashtra Energy Generation Ltd—to secure a tender from the Solar Energy Corporation of India (SECI). Investigators allege that Reliance Group officials knowingly used a fake foreign bank guarantee and even submitted fraudulent endorsements through a spoofed email ID resembling that of SBI.
When SECI detected the alleged fraud, Reliance officials arranged a genuine bank guarantee within a day, but it was rejected for being submitted after the deadline. The ED further stated that company officials attempted to secure a fresh endorsement of the fake guarantee from an SBI branch in Kolkata, and when unsuccessful, tried to shift responsibility onto Biswal Tradelink by filing a complaint.
The agency claims that Reliance Group officials also obtained a Certificate of Enlistment for Reliance NU BESS Ltd using forged documents and signed a dummy agreement to facilitate the scheme. Meanwhile, the Reliance Group has asserted that Anil Ambani has no involvement in the matter and that the company itself is a victim of fraud, emphasizing disclosures made to stock exchanges in November 2024.
The money laundering probe originates from a Delhi Police Economic Offences Wing FIR filed in November 2024, alleging that Biswal Tradelink issued fake bank guarantees in exchange for commissions. The ED’s investigation suggests a conspiracy involving forged documents, spoofed email domains, and non-existent foreign bank branches, including those cited in Manila and Malaysia.
As part of its action, the ED has attached assets worth ₹5.15 crore. It also claims that Reliance Power routed ₹6.33 crore through Rosa Power Supply Company Ltd to Biswal Tradelink under the guise of transportation services to fund the fake guarantee. After the arrangement, Biswal Tradelink reportedly received a fee of ₹5.40 crore to portray the transaction as legitimate.
Several accused, including Biswal, former CFO Ashok Kumar Pal, and Amar Nath Dutta, remain in judicial custody as the investigation continues.
