Archive · 7 Nov 2025
ED Arrests Third Individual in Reliance Power Fake Bank Guarantee Case
Imagine a company called Reliance Power needed to promise money for a project with another company, SECI, using something called a bank guarantee.
The government's investigation agency, the ED, believes these guarantees were fake, like a counterfeit document.
They have arrested a consultant named Amar Nath Dutta, saying he helped create these fake promises, making him the third person arrested in this case.
The ED found that fake emails, pretending to be from a well-known bank, were used to make these fake guarantees look real.
SECI, the company that received these fake promises, has lost a lot of money, over Rs 100 crore, because the guarantee was not valid.
Reliance Power says they were also tricked and have filed their own complaint against the people they believe are responsible.
The Enforcement Directorate (ED) arrested Amar Nath Dutta, the third individual, in a money laundering case involving a fake bank guarantee of Rs 68.2 crore linked to Reliance Power.
Dutta, a consultant, is accused of actively participating in providing the fake bank guarantees alongside previously arrested individuals Ashok Kumar Pal and Partha Sarathi Biswal.
The fake bank guarantee was submitted by Reliance NU BESS Ltd., a Reliance Power subsidiary, to the Solar Energy Corporation of India Limited (SECI).
SECI reportedly suffered a loss exceeding Rs 100 crore due to the submission of the fraudulent bank guarantee.
The ED uncovered the use of fake email domains impersonating banks, such as State Bank of India, to create a false sense of legitimacy for the forged documents.
- Who
- The Enforcement Directorate (ED) arrested Amar Nath Dutta, the third person in connection with a money laundering probe. Previously arrested are Ashok Kumar Pal (former Reliance Power CFO) and Partha Sarathi Biswal (MD of Biswal Tradelink Pvt. Ltd.).
- What
- Arrest of Amar Nath Dutta in a money laundering case involving a fake bank guarantee of Rs 68.2 crore submitted by a Reliance Power subsidiary to SECI, leading to a loss of over Rs 100 crore for SECI.
- When
- Amar Nath Dutta was arrested on Friday and sent to ED custody until November 10. The case stems from a November 2024 FIR by Delhi Police, and Reliance Power made disclosures on November 7, 2024.
- Where
- Amar Nath Dutta was produced before a special court in New Delhi. The investigation is being conducted by the Enforcement Directorate.
- Why
- The ED alleges that Amar Nath Dutta played an active role in providing the fake bank guarantees as part of a money laundering scheme. The investigation aims to identify beneficiaries of the crime's proceeds and trace funds.
Enforcement Directorate (ED)
Reliance Power
Allegations of Fake Bank Guarantees
Enforcement Directorate (ED)
The ED alleges that Reliance NU BESS Ltd., a subsidiary of Reliance Power, submitted a fake bank guarantee of Rs 68.2 crore to SECI. Amar Nath Dutta is accused of actively participating in providing these fake guarantees.
Reliance Power
Reliance Power claims to be a victim of fraud and forgery, stating that a criminal complaint was lodged against a third party (accused company) involved in the conspiracy.
Role of Amar Nath Dutta
Enforcement Directorate (ED)
The ED states that Amar Nath Dutta, a consultant in Trade Financing, played an active role along with previously arrested individuals in providing the fake bank guarantees.
Reliance Power
Reliance Power implies Dutta's involvement stems from a third-party company against which they have filed a criminal complaint, positioning themselves as deceived.
Fraudulent Documentation and Modus Operandi
Enforcement Directorate (ED)
The ED uncovered that a fake email domain similar to sbi.co.in was used to send forged communication to SECI, creating a facade of authenticity from the State Bank of India. The bank guarantee was also purportedly from a bank that does not have a branch in Manila.
Reliance Power
Reliance Power, while not detailing the exact method of fraud, maintains its stance as a victim of forgery and cheating conspiracy.
- Third Arrested Individual
- Amar Nath Dutta (Kolkata-based consultant)
- Alleged Fake Bank Guarantee Amount
- Rs 68.2 crore
- Case Related To
- Money laundering probe involving fake bank guarantees
- Subsidiary Involved
- Reliance NU BESS Ltd. (formerly Maharashtra Energy Generation Limited), a subsidiary of Reliance Power
- Recipient of Guarantees
- Solar Energy Corporation of India Limited (SECI)
- SECI's Reported Loss
- Over Rs 100 crore
- Previously Arrested Individuals
- Ashok Kumar Pal (former Reliance Power CFO), Partha Sarathi Biswal (MD of Biswal Tradelink Pvt. Ltd.)
- Modus Operandi
- Use of fake bank guarantees, fake email domains (e.g., s-bi.co.in impersonating sbi.co.in), forged communication, and submission of guarantees from banks without branches in relevant locations.
Sources
ED Files Charges Against Prudhvi Solar and Its MD
ED makes 3rd arrest in Reliance Power ‘fake’ bank guarantee linked PMLA case
ED Makes 3rd Arrest In ₹68-Crore 'Fake Bank Guarantee' Case Linked To Reliance Power Subsidiary; Kolkata Consultant Amar Nath Dutta Held
ED arrests one more in Reliance forged bank guarantee case
