ED Uncovers Bogus Bank Guarantee Scandal Involving Reliance NU BESS

The Enforcement Directorate (ED) has arrested Amar Nath Dutta as part of its investigation into a fraudulent bank guarantee scheme involving Reliance NU BESS Ltd. The probe, which has also led to previous arrests, concerns bogus guarantees that defrauded the Solar Energy Corporation of India of over Rs 100 crore.

The Enforcement Directorate (ED) has made another arrest in the unfolding bogus bank guarantee scandal involving Reliance NU BESS Ltd., marking a significant development in the case. Amar Nath Dutta's detention comes after the arrests of Ashok Pal and Partha Sarathi Biswal, as the ED intensifies its investigation into the fraudulent scheme that allegedly cost the Solar Energy Corporation of India (SECI) more than Rs 100 crore.

Dutta appeared before a special court, where the ED secured a four-day custodial remand for further questioning. The case revolves around the submission of fake bank guarantees to SECI, causing substantial financial damage. Investigators are tracing the money trail and scrutinizing the involvement of various parties in the fraudulent activity.

SECI discovered that a supposed bank guarantee submitted by Reliance NU BESS, for a Battery Energy Storage System (BESS) tender, was issued by a non-existent foreign bank branch. This revelation led to a broader investigation by the ED, initiated after a formal complaint by the Delhi Police Economic Offences Wing. Subsequent probes uncovered a network arranging fake guarantees through shell companies and charging hefty commissions.

(With inputs from agencies.)