ED Makes 3rd Arrest in ₹68 Crore Fake Bank Guarantee Case Linked to Reliance Power

The Enforcement Directorate (ED) has arrested another individual in connection with a ₹68 crore fake bank guarantee case tied to Reliance Power’s arm, as per the news reports. 

The arrest marks the third in a money laundering probe under the Prevention of Money Laundering Act (PMLA), further intensifying scrutiny into corporate compliance and financial fraud.

ED Cracks Down on Third Suspect in Reliance Power Guarantee Fraud

Amar Nath Dutta became the 3rd person arrested by the ED in an ongoing probe centred on an alleged fake bank guarantee submitted by Reliance NU BESS Limited, a subsidiary of Reliance Power. 

The ₹68.2 crore guarantee, meant for the Solar Energy Corporation of India Limited (SECI), turned out to be forged. Earlier, former Reliance Power CFO Ashok Kumar Pal and Biswal Tradelink MD Partha Sarathi Biswal were also taken into custody.

Fake Documents from Non-Existent Bank Branch Uncovered

The fake bank guarantee originated from a supposed FirstRand Bank branch in Manila, which was confirmed to be non-existent. Investigators allege that Biswal Tradelink, an Odisha-based entity, was operating a racket crafting fraudulent bank guarantees for various business houses, charging an 8% commission. The company even used a deceptive email domain resembling that of the State Bank of India to mislead authorities and stakeholders.

Reliance Power's Stand

Reliance Power has maintained that it is a victim of fraud and lodged a criminal complaint against the alleged fraudsters in October 2024. The company, which has since made required exchange disclosures, insists it had no role in the forgery and seeks to distance itself from any wrongdoing. It also clarified that Anil Ambani has not served on the company’s board for more than 3.5 years and is not connected to the matter.

Read More: Anil Ambani Summoned by ED on November 14 for Questioning in Money Laundering Probe!

Origin of the Case and Legal Developments

The current probe stems from an FIR filed by Delhi Police’s Economic Offences Wing in November 2024. The special PMLA court has granted the ED 4 days of custody of Amar Nath Dutta to continue investigations. Biswal Tradelink is alleged to be just a paper company operating from a residence credited to a relative of Biswal, adding further layers to the fabricated operations.

Conclusion

The ED’s latest arrest in the ₹68 crore fake bank guarantee scam furthers efforts to uncover the depth of financial misrepresentation linked to Reliance Power’s dealings. With three arrests already, the trail continues to unravel a carefully constructed case of forgery and financial deception affecting reputations and trust in corporate governance.

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