Sign In
By signing in or creating an account, you agree with Associated Broadcasting Company's Terms & Conditions and Privacy Policy.
By signing in or creating an account, you agree with Associated Broadcasting Company's Terms & Conditions and Privacy Policy.
New Delhi: Enforcement Directorate (ED) has made the third arrest in the money laundering case involving Reliance Power. This case is related to Anil Ambani's group company RPower. It is alleged that the company had given a fake bank guarantee of Rs 68 crore. According to media reports, ED arrested a person named Amar Nath Dutta on Thursday. The court has sent him to ED custody for four days. Earlier in this case, ED had arrested former Chief Finance Officer (CFO) of Reliance Power Ashok Kumar Pal and Partha Sarathi Biswal, managing director of Biswal Tradelink, an Odisha based company.
This case is related to Reliance NU BESS Limited. This company had given a bank guarantee of Rs 68.2 million to the Solar Energy Corporation of India (SECI), which was later found to be fake. Earlier this company was named Maharashtra Energy Generation Limited. ED's investigation revealed that a company named Biswal Tradelink used to provide fake bank guarantees. This company allegedly used to provide fake bank guarantees to big companies with a commission of 8 percent. The Economic Offence Wing (EOW) of Delhi Police registered an FIR against the company in November 2024.
In the investigation, it was also revealed that Reliance NU BESS Limited had given bank guarantee in the name of First Rand Bank (First Rand Bank), which was reported in Manila, Philippines. But in reality this bank does not have any branch in the Philippines. That means it was a completely fake guarantee. ED says that Biswal Tradelink company had created a fake email address similar to the email domain of State Bank of India (SBI). s-bi.co.in looked like the original SBI domain sbi.co.in. They used it to show that the guarantee was genuine and came from SBI. SECI was cheated through this fake mail.
According to ED, Biswal Tradelink was not a real business company. In the investigation, it was found that its registered office was in a house, which was the home of a relative of Biswal. Reliance Power has stated in this whole case that the company itself has been a victim of fraud. He says that the company had reported this fraud to the stock market in November 2024 and filed a criminal complaint with the Delhi Police's EOW in October 2024. The company has clarified that Anil Ambani has not been on the board of Reliance Power for the last three and a half years and he has nothing to do with the matter.
