SECI's Crackdown on Reliance Power: Fraud Allegations Trigger Inquiry

India’s SECI has issued a show-cause notice to Reliance Power, alleging submission of fake bank guarantees. The agency has banned the company from auctions for three years and is considering criminal proceedings. Reliance Power claims it is a victim of fraud and has filed a complaint with the authorities.

India's Solar Energy Corporation (SECI) has taken significant steps against Reliance Power by issuing a show-cause notice over allegations of submitting a counterfeit bank guarantee.

The energy firm is accused of presenting a fake endorsement from a foreign bank as part of its bid, prompting SECI to bar it from auctions for three years.

Reliance Power, in response, asserted that it has fallen victim to fraud and has lodged a complaint with the Economic Offence Wing in Delhi, pending further investigation.

(With inputs from agencies.)