Sat Dec 06 05:20:53 UTC 2025: Summary:
The Enforcement Directorate (ED) in India has filed a supplementary prosecution complaint against Anil Ambani’s Reliance Power Limited and several individuals, including company officials and the managing director of Biswal Tradelink Private Limited, in a money laundering case. The case revolves around allegations that Reliance Power submitted fake bank guarantees to the Solar Energy Corporation of India (SECI) to secure a tender. Funds were allegedly routed through a shell company, Biswal Tradelink, using falsified documents and a spoofed email address mimicking the State Bank of India (SBI) for endorsements. When SECI discovered the fraud, Reliance tried to submit a real bank guarantee and even arranged a new endorsement of the fake one, but SECI refused to accept it.
News Article:
ED Files Complaint Against Anil Ambani’s Reliance Power Over Alleged Fake Bank Guarantees
New Delhi – December 6, 2025 – The Enforcement Directorate (ED) has escalated its investigation into Reliance Power Limited, a group company of Anil Ambani’s Reliance Anil Dhirubhai Ambani Group, by filing a supplementary prosecution complaint. The complaint alleges that Reliance Power submitted fraudulent bank guarantees to the Solar Energy Corporation of India (SECI) in a bid to secure a lucrative tender.
The ED’s investigation stems from a November 2024 FIR filed by Delhi Police’s Economic Offences Wing (EOW) and a subsequent complaint by SECI, along with a separate FIR filed by Reliance NU BESS Limited. The agency accuses Reliance Power of utilizing a shell company, Biswal Tradelink Private Limited, to procure fake bank guarantees from a non-existent branch of FirstRand Bank in Manila, Philippines, and ACE Investment Bank Limited in Malaysia.
Key individuals named in the complaint include Partha Sarathi Biswal (MD of Biswal Tradelink), along with several Reliance Power officials, including Ravinder Pal Singh Chadha, Manoj Bhaiyasaheb Pongde, Ashok Kumar Pal, and Punit Narendra Garg.
According to the ED, Reliance Power routed Rs. 6.33 crore through its subsidiary, Rosa Power Supply Company Limited, to Biswal Tradelink under the guise of bogus transportation services. This was allegedly to cover the costs of arranging the fraudulent bank guarantees. The agency further alleges that Reliance Power officials were aware of the fake guarantees and forged SBI endorsements, facilitated through a spoofed email domain.
When SECI detected the fraud, Reliance Power reportedly attempted to rectify the situation by submitting a genuine bank guarantee from IDBI Bank and even seeking a fresh endorsement on the fake one from an SBI branch in Kolkata. However, SECI rejected these attempts.
The investigation is ongoing, and the ED’s actions highlight the seriousness of the allegations against Reliance Power and its officials. The case raises concerns about transparency and integrity in the tendering process for renewable energy projects.
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