2 minutes of readingNew DelhiApril 22, 2026 12:33 am IST
The Economic Offenses Wing (EOW) of the Delhi Police has arrested the chief financial officer of Reliance Power Limited, along with two others, for their alleged involvement in a high-value bank guarantee fraud linked to a government tender.
The accused, identified as Ashok Kumar Pal (50), chief financial officer of Reliance Power Ltd, Partha Sarathi Biswal (54), managing director of Odisha-based Biswal Tradelink Pvt Ltd, and Kolkata-based Amarnath Dutta (50), were arrested on April 15 in connection with a case registered at the EOW police station, deputy commissioner of police Subodh Kumar Goswami said. He added that they were in police custody until April 23.
According to a statement issued by the EOW, the case concerns a complaint filed by Biblesh Meena, manager of Solar Energy Corporation of India (SECI). The complainant alleged that Reliance NU BESS Ltd, a subsidiary of Reliance Power Ltd, submitted two forged bank guarantees worth Rs 68.2 crore each to secure a renewable energy tender floated by the SECI.
“The guarantees were purportedly issued by foreign lenders (ACE Investment Bank, Malaysia, and FirstRand Bank Ltd, Manila) and were backed by what appeared to be confirmations sent through the State Bank of India’s Structured Financial Messaging System (SFMS),” the DCP said.
However, researchers claimed that these confirmations, including emails and SFMS messages authenticating such assurances, were allegedly forged, and the SBI later denied issuing such endorsements.
The police claimed that during the investigation it was found that senior RPL officials, in conspiracy with middlemen, allegedly arranged forged bank guarantees from purported foreign banks and used fabricated confirmations in the name of SBI to secure the SECI tender.
Police claimed the investigation had revealed an alleged criminal conspiracy involving senior RPL officials and intermediaries, with large sums of money allegedly exchanged to arrange the fake documents.
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The arrests were made by the EOW team, led by inspector Laxman Kumar and sub-inspector Ghanshyam under the supervision of DCP Goswami, after tracing the financial and communication trail allegedly linking the accused. Police said further investigations are underway to identify other people who could be involved in the alleged nexus.
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