Overview
- India’s Enforcement Directorate filed a supplementary PMLA chargesheet naming Reliance Power, group subsidiaries and multiple individuals in a case tied to a Rs 68.2 crore bank guarantee for a SECI BESS tender.
- The agency alleges the guarantee was procured via Biswal Tradelink from non-existent or improper foreign bank branches, with forged SBI endorsements sent through a look‑alike domain, s-bi.co.in.
- Investigators say Reliance routed Rs 6.33 crore from Rosa Power to the shell firm as bogus transport payments, then paid Rs 5.40 crore as fees to make the arrangement appear legitimate.
- According to the ED, SECI flagged the fraud, Reliance then produced a genuine IDBI Bank guarantee that was rejected as late, and officials later sought an SBI Kolkata endorsement using a dummy agreement and a Kolkata Municipal Corporation enlistment certificate.
- The probe follows November 2024 EOW FIRs; arrests include former Reliance Power CFO Ashok Kumar Pal and others, and the ED says assets worth Rs 5.15 crore identified as proceeds of crime have been attached.