New Delhi | The Directorate of Enforcement (ED) has filed a Supplementary Prosecution Complaint against Reliance Power Limited and 10 other accused in connection with the submission of fake bank guarantees to the Solar Energy Corporation of India (SECI). The guarantees were allegedly used to secure bids for a large-scale energy storage tender valued at 1,000 MW / 2,000 MWh under tariff-based competitive bidding.
11 Accused Named in ED’s Complaint
The ED’s complaint names the following entities and individuals:
- Partha Sarathi Biswal,
- M/s Biswal Tradelink Private Limited,
- M/s Biothane Chemicals Private Limited,
- Amar Nath Dutta,
- Ravinder Pal Singh Chadha,
- M/s Reliance NU BESS Limited,
- M/s Rosa Power Supply Company Limited,
- Manoj Bhaiyasaheb Pongde,
- M/s Reliance Power Limited,
- Ashok Kumar Pal (CFO, Reliance Power Limited), and
- Punit Narendra Garg.
The case stems from FIRs registered by the Delhi Police’s Economic Offences Wing (EOW) — one based on a complaint by SECI against Reliance NU BESS Limited, a 100% subsidiary of Reliance Power, and another filed by Reliance NU BESS Limited against M/s Biswal Tradelink Pvt. Ltd. and its managing director, Partha Sarathi Biswal.
The Tender and the Fake Bank Guarantee
According to the ED, Reliance Power Limited, through its subsidiary Reliance NU BESS Limited, participated in SECI’s tender for setting up 1,000 MW / 2,000 MWh standalone energy storage systems.
Under the bid conditions, bidders were required to submit a bank guarantee worth ₹68.2 crore. If the guarantee was issued by a foreign bank, it had to be endorsed by an Indian branch of that bank or by the State Bank of India (SBI).
Shell Company Used to Fabricate Guarantees
Investigations revealed that Reliance Power, acting with mala fide intent, engaged M/s Biswal Tradelink Private Limited, a shell company, to arrange fraudulent bank guarantees purportedly issued by First Rand Bank (Manila, Philippines) and ACE Investment Bank Limited (Malaysia) — both of which were found to be non-existent branches.
Further, endorsements were forged using a spoofed SBI email ID and fake endorsement letters purportedly issued by SBI.
A fraudulent domain, “s-bi.co.in” — resembling SBI’s genuine domain “sbi.co.in” — was created to mislead SECI officials and authenticate the fabricated documents.
₹6.33 Crore Routed via Bogus Transactions
The probe found that Reliance Power Limited transferred ₹6.33 crore from its subsidiary M/s Rosa Power Supply Company Limited to Biswal Tradelink Pvt. Ltd. under the guise of fictitious transportation services.
This money was allegedly used to finance the arrangement of the fake bank guarantee.
Additionally, Reliance Power paid ₹5.40 crore to Biswal Tradelink as “consultancy fees”, to make the fraudulent transaction appear as a genuine commercial deal.
The ED noted that fake work orders and invoices were created jointly by Reliance officials and Biswal Tradelink to support these transactions on paper.
When the Fraud Was Exposed
When SECI detected the fake bank guarantee, Reliance Group officials quickly arranged a genuine one from IDBI Bank within a day.
However, SECI rejected the submission as it came after the tender deadline.
To salvage their bid, Reliance officials allegedly attempted to obtain fresh endorsement of the same fake foreign guarantee from an SBI branch in Kolkata.
During this process, they signed a dummy agreement and secured a “Certificate of Enlistment” from the Kolkata Municipal Corporation using fabricated address documents.
After this attempt failed, the company filed a counter-complaint against Biswal Tradelink and its managing director to shift the entire blame.
ED: Clear Evidence of Connivance and Criminal Intent
The ED’s investigation established that senior Reliance Power officials were fully aware that fake bank guarantees and forged SBI endorsements were being used in the SECI tender.
The agency has alleged a clear mala fide intention on the part of the company and its officials.
Several individuals, including Reliance Power’s CFO, Ashok Kumar Pal, were arrested during the course of the investigation and are currently in judicial custody.
₹5.15 Crore of Proceeds of Crime Attached
Just prior to filing the prosecution complaint, the ED attached proceeds of crime worth ₹5.15 crore, representing assets derived from the fraudulent transaction.
The agency has charged the accused under provisions of the Prevention of Money Laundering Act (PMLA) and relevant sections of the Indian Penal Code related to forgery, cheating, and criminal conspiracy.
A Case That Raises Broader Questions
The case underscores the deep-rooted risk of corporate and financial misconduct in India’s energy sector, particularly in high-value public tenders.
It also raises critical questions about due diligence, bank verification, and the integrity of large corporate bidders.
The ED’s latest action signals a tougher stance on white-collar crime, with enforcement agencies increasingly moving toward forensic scrutiny, accountability, and asset recovery in corporate frauds.
