Reliance Power Faces Charges Over Fake Bank Guarantee Scandal

The Enforcement Directorate has filed a chargesheet against Reliance Power Ltd and others in a money laundering case involving a fake bank guarantee of Rs 68 crore to secure a tender from SECI. The ED claims Reliance officials were complicit in the fraud using bogus endorsements and spoofed emails.

The Enforcement Directorate (ED) has filed a chargesheet against Reliance Power Ltd and ten others, including former Reliance Power CFO, Ashok Kumar Pal, for their alleged involvement in a money laundering case. The charges relate to issuing a fake bank guarantee of Rs 68 crore to secure a tender.

According to the ED, Reliance Group officials knowingly used fraudulent endorsements and spoofed emails to deceive the Solar Energy Corporation of India Limited (SECI). When SECI detected the fraud, the group rushed to submit a genuine guarantee, but it was too late.

Reliance Power has refuted the ED's claims, stating they are victims of forgery and conspiracy by others. The case, stemming from a 2024 Delhi Police FIR, continues in court, as several high-profile arrests have been made.