Reliance Power, in an exchange filing on Saturday, said the arrest of Amar Nath Dutta “has no impact on the company’s business operations, financial performance, or stakeholders,” adding that both Reliance Power and its subsidiary, Reliance NU BESS Limited, are “victims of fraud, forgery, and a cheating conspiracy.”ED probe widensThe Enforcement Directorate on Thursday arrested Dutta, a Kolkata-based consultant, alleging he played an “active role” in arranging and submitting forged bank guarantees worth ov ...

The chairman of a private Turkish bank was detained after authorities accused him of “loan sharking” and money laundering https://t.co/PqatponIde ...

Core Viewpoint - The Enforcement Directorate (ED) has arrested a third individual in connection with a money laundering investigation involving Reliance Power, linked to the issuance of a fraudulent bank guarantee worth ₹68 crore [1][2]. Group 1: Arrests and Investigations - Amar Nath Dutta, a consultant from Kolkata, was arrested under the Prevention of Money Laundering Act (PMLA) and is in ED custody until November 10 [2]. - Previous arrests include Ashok Kumar Pal, former CFO of Reliance Power, and Partha Sarathi Biswal, Managing Director of Biswal Tradelink Pvt Ltd [2]. - Dutta allegedly played a significant role in arranging fake bank guarantees alongside Pal and Biswal [3]. Group 2: Details of the Fraud - The fraudulent bank guarantee of ₹68.2 crore was submitted to the Solar Energy Corporation of India Ltd (SECI) on behalf of Reliance NU BESS Ltd, a subsidiary of Reliance Power [4]. - The guarantee was falsely issued by FirstRand Bank in Manila, which does not have a branch in the Philippines, leading to a loss of over ₹100 crore for SECI [4]. - Biswal Tradelink is accused of operating a scheme to issue fake bank guarantees to corporate clients for a commission of approximately 8% [5]. Group 3: Background and Company Response - The money laundering case originated from an FIR filed by the Delhi Police's Economic Offences Wing (EOW) in November 2024, alleging large-scale forgery and cheating [6]. - The fraudulent activities included the use of a deceptive email domain resembling that of the State Bank of India to mislead recipients [7]. - Reliance Power claims to be a victim of fraud and has filed a criminal complaint against the accused parties, asserting that Anil Ambani has not been involved with the company for over three and a half years [8].

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].

Germany’s finance watchdog slapped JPMorgan with a €45 million fine after it discovered shortcomings in the Wall Street giant’s systems for preventing money laundering https://t.co/ns12Dzv1IP ...

British police have seized more than £12 million ($15.6 million) of dinosaur skeletons after agreeing a settlement with a Chinese national suspected of being part a huge money laundering scandal. https://t.co/eQgBfYkSsZ ...

The U.S. Treasury sanctioned eight bankers, two companies, and 53 crypto wallets for laundering stolen funds to back North Korea's weapons programs. https://t.co/Pxn7nVw4W6 ...

The U.S. Treasury sanctioned eight individuals and two entities linked to North Korea’s laundering of crypto and IT worker funds, used to finance its nuclear and missile programs. The action targets bankers and companies in China and Russia tied to over $3 billion in stolen crypto from DPRK cybercrime operations. https://t.co/ARLsGa6sEm ...

There is a new piece of reporting today, the kind that hits and you stop and you pull over on the sidewalk and read the whole thing. At least that's what I did. It's a potentially major development in the Jeffrey Epstein story.Remember last month we learned about Alex Aosta's testimony, Donald Trump's former Secretary of Labor and the prosecutor who just so happened to be behind Jeffrey Epstein's 2008 plea deal before landing in the Trump cabinet. Well, he told the House Oversight Committee that he did not ...

EXCLUSIVE: Federal prosecutors in Florida spent 18-months investigating Jeffrey Epstein for money laundering and other financial crimes, according to emails from his personal Yahoo account obtained by Bloomberg News https://t.co/VxnEV5RwZx ...