ED Chargesheet Says Reliance Power Used Fake Bank Guarantees in SECI Tender.
The Enforcement Directorate (ED) has filed a chargesheet against Anil Ambani’s Reliance Power Limited, its subsidiary Reliance NU BESS, and several associated entities for allegedly using forged bank guarantees to bid for a major Solar Energy Corporation of India (SECI) energy storage project.
The case stems from FIRs filed by SECI and by Reliance NU BESS with the Delhi Police’s Economic Offences Wing (EOW), involving Odisha-based Biswal Tradelink Private Limited and its director, Partha Sarathi Biswal.
Fake Guarantees for ₹68.2-Crore Requirement
Investigators say Reliance NU BESS submitted a bid for SECI’s 1,000 MW/2,000 MWh Battery Energy Storage System (BESS) tender, which required a bank guarantee of ₹68.2 crore. Foreign guarantees were allowed only if endorsed by an Indian branch of the issuing bank or by SBI.
According to ED, Reliance Power hired Biswal Tradelink—described as a shell entity—to arrange fake foreign bank guarantees allegedly issued by a non-existent FirstRand Bank branch in Manila and by ACE Investment Bank in Malaysia.
Fraudulent endorsements were then created using forged SBI letters and a spoofed email ID generated through a fake domain imitating sbi.co.in.
Money Routed Through Bogus Work Orders
To fund the operation, Reliance Power allegedly routed ₹6.33 crore from group firm Rosa Power Supply Company to Biswal Tradelink through fabricated work orders and invoices for transportation services that never took place. An additional ₹5.40 crore was allegedly paid as a “fee” to mask the arrangement.
Reliance ‘Knew’ the Guarantee Was Fake
ED claims Reliance officials were aware that a forged guarantee had been submitted. When SECI raised suspicions, Reliance reportedly scrambled to issue a genuine IDBI Bank guarantee, but it was rejected as the deadline had expired.
The company then allegedly tried to obtain a fresh endorsement of the fake foreign guarantee from an SBI branch in Kolkata, for which officials created a dummy agreement and procured a Kolkata Municipal Corporation “Certificate of Enlistment” using bogus address documents.
When this attempt failed, Reliance NU BESS filed a complaint against Biswal Tradelink—an action ED says was aimed at shifting blame.
Arrests and Asset Attachment
ED says its investigation shows “clear connivance” by Reliance Group officials in submitting forged guarantees. Reliance Power CFO Ashok Kumar Pal has been arrested and remains in judicial custody, along with other alleged facilitators.
Just before filing the chargesheet, the agency attached assets worth ₹5.15 crore as proceeds of crime.
The matter is now before the special PMLA court for further proceedings.
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