Reliance Power Scandal: New Arrests in Fake Bank Guarantee Case

The Enforcement Directorate (ED) has escalated its investigation into a financial scandal involving Reliance Power, with a fresh arrest marking the third detainment in this high-profile case. Amar Nath Dutta, reportedly involved in providing fake bank guarantees, was taken into custody from Kolkata under the Prevention of Money Laundering Act (PMLA).

This arrest follows the detention of former Reliance Power CFO Ashok Kumar Pal and Partha Sarathi Biswal, the MD of Biswal Tradelink. The probe centers on fraudulent bank guarantees valued at Rs 68 crore, issued ostensibly in favor of the Solar Energy Corporation of India Limited by Reliance NU BESS Ltd., a Reliance Power subsidiary.

The ED alleges that Biswal Tradelink facilitated fake bank guarantees for business groups, using deceitful means like a misleading SBI email domain to simulate legitimacy. With Reliance Power claiming victimhood and an ongoing investigation, the ED seeks to uncover further complicity and trace illicit fund end-uses.