New Delhi | Dec 6, 2025 | SKY LINK TIMES |
The Enforcement Directorate (ED) on Saturday filed a supplementary chargesheet against Reliance Power Limited and 10 other entities and individuals in connection with an alleged ₹68 crore fake bank guarantee fraud submitted to the Solar Energy Corporation of India (SECI) to secure a solar power tender.
The chargesheet has been filed under the Prevention of Money Laundering Act (PMLA). Just ahead of filing the prosecution complaint, the ED also attached proceeds of crime worth ₹5.15 crore, officials said.
Table of Contents
Who Are the Accused?
The supplementary chargesheet names:
Partha Sarathi Biswal
Biswal Tradelink Pvt Ltd
Biothane Chemicals Pvt Ltd
Amar Nath Dutta
Ravinder Pal Singh Chadha
Reliance NU BESS Ltd
Rosa Power Supply Company Ltd
Manoj Bhaiyasaheb Pongde
Ashok Kumar Pal
Punit Narendra Garg
What Is the Allegation?
According to the ED, fake bank guarantees amounting to ₹68 crore, allegedly issued by foreign banks with forged endorsements in the name of SBI, were submitted to SECI for securing a tender.
The ED claimed that:
> “Reliance Group officials were aware that a fake Bank Guarantee and fraudulent endorsements were being submitted through a spoofed SBI email ID.”
When SECI detected the fraud, a genuine bank guarantee from IDBI Bank was arranged within a day, but SECI rejected it as it was submitted after the deadline.
Reliance Power’s Response
In a regulatory filing, Reliance Power denied any wrongdoing, stating that:
It had itself lodged a criminal complaint against third parties who arranged the fake guarantee.
An FIR was registered by the Delhi Police Economic Offences Wing on November 11, 2024.
The company and its officials acted bona fide and are victims of fraud, forgery, cheating, and conspiracy.
The company further said:
> “ED allegations have not yet passed through judicial scrutiny and the company has not been held guilty of any wrongdoing.”
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ED’s Wider Action Against Reliance Group
The financial watchdog has so far provisionally attached assets worth ₹10,117 crore belonging to Anil Ambani-led Reliance Group entities across multiple cases.
In its latest attachment worth ₹1,120 crore, ED seized:
7 properties of Reliance Infrastructure
2 properties of Reliance Power
9 properties of Reliance Value Service Pvt Ltd
These attachments are linked to the Reliance Home Finance–Yes Bank fraud case.
What Happens Next?
The case will now proceed through judicial scrutiny. Meanwhile, Reliance Power and Reliance Infrastructure have stated that operations are continuing normally, with full commitment to growth and stakeholder value.
What Is a Fake Bank Guarantee and Why It Matters
A fake bank guarantee is a forged financial instrument used to falsely assure payment or security in business transactions. In this case, the alleged fake guarantees were used to secure a government tender, raising serious concerns over financial fraud, misuse of public trust, and risks to the banking system.
Impact of ED Action on Investors and the Power Sector
The Enforcement Directorate’s action may affect investor sentiment in the short term, especially in companies linked to the case. However, market experts say such investigations also strengthen long-term transparency and accountability in India’s power and infrastructure sectors.
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