Fake Bank Guarantee Scandal: Reliance Power Charged in Money Laundering Case

The Enforcement Directorate has filed a chargesheet against Reliance Power Ltd., linked with alleged fake bank guarantees for a SECI tender. Accusations include fraudulent endorsements and a spoofed email from SBI. Reliance Group, claiming to be a fraud victim, is under investigation for its involvement.

The Enforcement Directorate revealed on Saturday that a chargesheet has been filed against businessman Anil Ambani's Reliance Power Ltd. and 10 others in connection with a money laundering inquiry involving an alleged fake bank guarantee worth Rs 68 crore for winning a tender.

Named in the chargesheet, filed under the Prevention of Money Laundering Act (PMLA), are prominent figures including ex-CFO Ashok Kumar Pal, alongside Reliance subsidiaries, NU BESS Ltd. and Rosa Power Supply Company Ltd., as well as the Odisha-based Biswal Tradelink Private Limited.

The case centers around securing a tender from the Solar Energy Corporation of India Limited with a counterfeit bank guarantee. Further reported were criminal links to forged endorsements and deceitful practices using fake email IDs, as the group supposedly grappled with the fallout after the discovery of the scheme.

(With inputs from agencies.)