ED files chargesheet against Reliance Power, 10 others in fake bank guarantee case (Lead)
On Saturday, the Enforcement Directorate announced that it had filed a supplementary chargesheet against Reliance Power Ltd and ten other parties, alleging that the firm had submitted counterfeit bank guarantees worth Rs 68 crore to the Solar Energy Corporation of India (SECI) in order to win a tender.
The supplementary prosecution complaint lists 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.
Before filing this complaint, the ED had already seized assets amounting to Rs 5.15 crore that it believes are proceeds of the alleged crime.
“Vide earlier disclosures dated November 7, 2024 and November 14, 2024 we had informed that the Company, Reliance NU BESS Limited had lodged a criminal complaint in above matter against the third parties who had arranged the said bank guarantee with Economic Offence Wing of Delhi Police on October 16, 2024, on basis of which First Information Report (FIR) has been registered on November 11, 2024 against the said third parties.”
“It further stated that “Reliance Power Limited, its subsidiaries and its employees acted bona‑fidely and are victims of a fraud, forgery, cheating and conspiracy committed by the third parties. Based upon the said FIR, ED initiated its investigation.””
“ED allegations have not yet passed through judicial scrutiny and the Company has not been held guilty of any wrong‑doing. As per law settled by the Supreme Court, company will get an opportunity to put across its case and facts before the court, even before cognizance, so filing of this complaint does not affect the affairs of the company in any manner,” said the company in an exchange filing.
The company added that it would take all necessary legal steps to safeguard its interests and those of its stakeholders, asserting that both it and its officials have been cleared of any wrongdoing.
“According to ED, “Reliance Group officials were well aware that a fake Bank Guarantee and its fraudulent endorsements were being submitted to SECI from a spoofed email ID of SBI, and when SECI detected the fraud, Reliance Group arranged a genuine Bank Guarantee from IDBI Bank within a day of intimation of the fraud by SECI. However, SECI refused to accept the fresh Bank Guarantee as it was submitted after the due date”.”
“The regulator’s probe was triggered by FIRs filed by the Economic Offences Wing of Delhi Police against Reliance NU BESS Ltd, a full‑owned subsidiary of Reliance Power, following a complaint from SECI, and by a separate FIR lodged by Reliance NU BESS Ltd against BTPL and its managing director Biswal,” said the ED spokesperson.
“Investigation has established the “connivance and mala fide intentions of Reliance Group in securing the SECI tender by submitting fake Bank Guarantees purportedly issued by foreign banks and their forged endorsements in the name of SBI”, said ED.
On Friday, the ED provisionally attached assets belonging to entities controlled by Anil Ambani’s Reliance Group, amounting to Rs 10,117 crore.
In its latest action, the regulator seized more than 18 assets—including properties, fixed deposits, bank balances and shares in unquoted investments—believed to be worth Rs 1,120 crore in the Reliance Home Finance Ltd / Reliance Commercial Finance Ltd / Yes Bank fraud case.
Among the confiscated properties were seven owned by Reliance Infrastructure Ltd, two by Reliance Power Ltd, and nine by Reliance Value Service Pvt Ltd.
Reliance Infrastructure Ltd and Reliance Power both reiterated that they continue to operate normally, remain fully committed to growth, operational excellence and to creating sustainable value for all stakeholders.
— LatestNewsX
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