The Enforcement Directorate (ED) has escalated its legal action in a significant financial fraud case, filing a prosecution complaint against Reliance Power Ltd and ten other entities and individuals. The case revolves around the alleged submission of fake bank guarantees worth Rs 68 crore to the Solar Energy Corporation of India (SECI) for a tender.
The Core of the Allegations
According to the ED's statement released on Saturday, December 6, 2025, the investigation has uncovered a deliberate attempt by Reliance Group to secure a tender from SECI through fraudulent means. The agency's spokesperson stated that the probe established the "mala fide intentions and connivance" of the group in submitting counterfeit guarantees that were purportedly issued by foreign banks.
The tender in question was for setting up 1000 MW/2000 MWh standalone Battery Energy Storage System (BESS) projects. As part of the bid, companies were required to submit a bank guarantee of Rs 68.2 crore. The rules stipulated that if the guarantee came from a foreign bank, it needed an endorsement from its Indian branch or from the State Bank of India (SBI).
Modus Operandi: Spoofed Emails and Shell Entities
The ED's chargesheet paints a detailed picture of the alleged fraud. It claims that Reliance Power, acting with malintent, engaged the services of a shell entity identified as Biswal Tradelink Private Limited (BTPL) and its managing director, Partha Sarathi Biswal.
The agency alleges that BTPL arranged fake bank guarantees from First Rand Bank in Manila, Philippines (a non-existent branch) and from ACE Investment Bank Limited in Malaysia. To make these guarantees appear legitimate, the accused used a spoofed email ID of SBI and forged endorsement letters. Investigators found that a fraudulent domain, s-bi.co.in, designed to look like SBI's official website (sbi.co.in), was created for this purpose.
Furthermore, the ED claims that to fund this arrangement, Rs 6.33 crore was routed from another Reliance Power subsidiary, Rosa Power Supply Company Limited, to BTPL under the guise of bogus transportation services. After the fake guarantee was arranged, Reliance Power allegedly paid a hefty fee of Rs 5.40 crore to BTPL to disguise the transaction as genuine.
Cover-Up Attempts and Legal Fallout
When SECI detected the fraud, the ED states that Reliance Group swiftly arranged a genuine bank guarantee from IDBI Bank within a day. However, SECI refused to accept it as it was submitted after the due date.
The investigation also revealed that after Reliance NU BESS Limited emerged as the L-2 (second lowest) bidder, officials attempted to get a fresh endorsement for the fake foreign bank guarantee from an SBI branch in Kolkata. This process involved signing a dummy agreement and even obtaining a "certificate of enlistment" from the Kolkata Municipal Corporation using bogus address documents.
When these efforts failed, the group allegedly tried to shift the blame entirely onto the intermediary by filing a police complaint against BTPL and its MD. The ED's case is based on two FIRs initially registered by the Economic Offences Wing (EOW) of the Delhi Police—one by SECI against Reliance NU BESS Ltd, and a counter-FIR by Reliance NU BESS against BTPL.
Prior to filing the chargesheet at the Patiala House Court, the ED had already attached proceeds of crime worth Rs 5.15 crore. The individuals and companies named in the prosecution complaint include former Reliance Power CFO Ashok Kumar Pal; Reliance NU BESS Ltd and Rosa Power Supply Company Ltd; former CEO and Executive Director of Reliance Infrastructure, Punit Narendra Garg; and Kolkata-based consultant Amar Nath Dutta, among others.
A query sent to the company spokesperson by news agencies remains unanswered at the time of reporting. The case highlights serious allegations of corporate fraud in India's burgeoning renewable energy sector and marks a major development in the ongoing scrutiny of financial practices within large industrial groups.
