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Reliance Power Seci Fraud Case: The agency arrested the managing director of a shell company on Saturday, a day after Anil Ambani was issued summons and lookout circular by the Enforcement Directorate (ED). This arrest is to a fake bank guarantee and money laundering case. The arrested accused is named Partha Sarathi Biswal, who is the MD of Biswal Tradalink Private Limited (BTPL) in Bhubaneswar.

The ED said that this action has been taken in a case in which BTPL and its directors are accused of submitting a fake bank guarantee to Solar Energy Corporation of India (SECI). This FIR was registered by Delhi Police in 2023.

What is the whole matter?

According to the ED, BTPL presented a fake bank guarantee of Rs 68.2 crore for a tender of SECI. Instead, he received Rs 5.40 crore from Reliance Power Limited. Investigations also revealed that fake email ID and spoof domains (eg S-Bi.co.in) made in the name of SBI were used for fake bank documents to create the illusion of realizing real.

According to the agency, the BTPL company had registered in 2019, but it had more transactions than the declared turnover. Many bank accounts of the company were found to be undeclared. Many violations of the Companies Act, such as bookkeeping and shareholder register, were also revealed in the investigation.

ED raids and technical revelations

The ED raided four locations in Bhubaneswar and Kolkata on Friday. Officials said that during this time no statutory documents were found at the company’s office, and that address was actually a relative’s residential house. At least 7 undeclared bank accounts were traced, in which the ‘Proceeds of Crime’ crime was deposited. Not only this, it was found in the investigation that the prominent members of this faction were using ‘Disappearing Messages’ on the Telegram app, which deepened the doubt that they were trying to hide the evidence.

Reliance Power Cleaning

Reliance Power told the stock exchange in November 2024 that the company had fallen victim to fraud and criminal conspiracy in this case. SECI excluded the company and its allies from the tender for 3 years, to which Reliance Power has objected. The company said that it had lodged a complaint on 16 October 2024 at the Economic Offenses Branch of Delhi Police. She will take legal steps in the interest of more than 40 lakh shareholders.

This case is now not just a financial fraud, but a shocking crime at the technical and regulatory level, on which the ED investigation is continuously intensifying.