Reliance Power and others charged in a ₹68.2 crore fake bank guarantee scheme for a solar project.

The Enforcement Directorate has filed a chargesheet against Reliance Power Ltd., its subsidiaries, and ten individuals, including former CFO Ashok Kumar Pal, in a money laundering case tied to a ₹68.2 crore fake bank guarantee used to bid on a SECI solar energy project. The ED alleges the guarantee, forged using spoofed SBI emails and non-existent foreign bank branches, was submitted by Reliance NU BESS Ltd. to secure a 1,000 MW/2,000 MWh battery storage tender. Funds were routed through shell companies, and officials allegedly attempted to replace the fake guarantee after detection, while shifting blame to intermediaries. The case originated from a November 2024 FIR by Delhi Police’s Economic Offences Wing. Reliance maintains it was a victim of fraud and disclosed the issue to the stock exchange in November 2024, denying Anil Ambani’s involvement. The chargesheet was filed at Delhi’s Patiala House Court.