ED makes 3rd arrest in Reliance Power 'fake' bank guarantee linked PMLA case

Core Viewpoint - The Enforcement Directorate (ED) is investigating a money laundering case involving Reliance Power, linked to the submission of a fake bank guarantee of ₹68.2 crore to the Solar Energy Corporation of India Limited (SECI) [1][9]. Group 1: Arrests and Investigations - Amar Nath Dutta was arrested under the Prevention of Money Laundering Act (PMLA) and has been remanded to four days of ED custody [1] - Former Reliance Power CFO Ashok Kumar Pal and Partha Sarathi Biswal, MD of Biswal Tradelink, were also arrested as part of the investigation [1][9]. Group 2: Fake Bank Guarantee Details - The case involves a bank guarantee submitted by Reliance NU BESS Limited, a subsidiary of Reliance Power, which was found to be fake [2][9]. - Biswal Tradelink allegedly operated a scheme to provide fake bank guarantees for business groups, charging a commission of 8% [5][9]. Group 3: Company Statements and Claims - Reliance Power has stated that it is a victim of fraud and has made disclosures regarding the case to the stock exchange [6][9]. - The company emphasized that Anil Ambani has not been on the board of Reliance Power for over 3.5 years and is not involved in this matter [5][9]. Group 4: Investigation Findings - The ED found that the bank guarantee submitted by Reliance NU BESS Ltd. was from FirstRand Bank in Manila, which does not have a branch in the Philippines [6][9]. - Biswal Tradelink was described as a "mere paper entity," with its registered office located at a residential property belonging to a relative of Biswal [8][10].