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].

Core Viewpoint - The Enforcement Directorate has arrested the CFO of Reliance Power in connection with a money laundering case involving a fake bank guarantee of ₹68 crore [1][4]. Group 1: Arrest and Investigation - The CFO, Ashok Pal, was arrested under the Prevention of Money Laundering Act after being questioned by the Enforcement Directorate [3]. - He is expected to be presented in a special court where the agency will seek his remand for custodial interrogation [3]. Group 2: Details of the Case - The case involves a bank guarantee of ₹68.2 crore submitted to the Solar Energy Corporation of India Limited on behalf of Reliance NU BESS Limited, a subsidiary of Reliance Power, which was found to be fake [4]. - The accused company, identified as Odisha-based Biswal Tradelink, allegedly operated a scheme for providing fake bank guarantees [4][5]. Group 3: Role of the CFO - Ashok Pal played a crucial role in the diversion of funds, being empowered by the company board to finalize and approve documents for the SECI's BESS tender [5]. - He allegedly approved releases and facilitated paperwork through internet-based communication platforms, bypassing normal workflows [9]. Group 4: Background of the Fraud - The investigation revealed that the company submitted a bank guarantee from a non-existent branch of FirstRand Bank in Manila, Philippines [6]. - The money laundering case originated from a November 2024 FIR filed by Delhi Police's Economic Offences Wing, alleging the issuance of fake bank guarantees for an 8% commission [6]. Group 5: Company’s Defense - Reliance Group claimed that Reliance Power was a victim of fraud and had made necessary disclosures to the stock exchange regarding the case [7]. - A criminal complaint was lodged against the accused company with Delhi Police's EOW in October 2024 [7].