ED makes fresh arrest in Reliance Power-linked fake bank guarantee case amid MCA probe over fund diversion
CHENNAI: The Enforcement Directorate (ED) has arrested Amar Nath Dutta, the third individual in connection with its ongoing money laundering probe linked to Reliance Power. The case revolves around an alleged fake bank guarantee worth Rs 68 crore submitted by Reliance NU BESS Limited, a subsidiary of Reliance Power, to the Solar Energy Corporation of India (SECI).
According to the ED, as reported, the investigation focuses on the creation and submission of a forged bank guarantee, purportedly issued by a public sector bank, to secure a SECI project. Dutta’s arrest follows the earlier detention of two others allegedly involved in fabricating and circulating the fraudulent document.
The third arrest in the case comes amid a fresh probe initiated by the Ministry of Corporate Affairs (MCA) into Anil Ambani-led Reliance Group over alleged fund diversion and financial irregularities, adding to the mounting troubles for the debt-laden conglomerate. The probe will examine transactions across multiple group entities to determine whether funds were siphoned off or misused in violation of corporate governance norms
Reliance Power, part of the Anil Ambani-led Reliance Group, has maintained that it is a “victim of fraud and forgery” in the matter. The company has stated that it had lodged a complaint with law enforcement agencies after discovering that the bank guarantee in question was not genuine.
The ED case stems from a First Information Report (FIR) filed by the Delhi Police’s Economic Offences Wing (EOW), which alleged that forged documents were used to misrepresent the financial standing of Reliance NU BESS Limited in its dealings with SECI. The central agency is investigating potential proceeds of crime and the money trail associated with the fraudulent transaction.
The arrests come amid a series of regulatory and financial challenges faced by the Reliance Group companies. The ED said further investigation is underway to trace the beneficiaries and determine whether any company officials were complicit in the fraud.