Delhi Police Economic Offences Wing arrested the CFO of Reliance Power Limited and two associates in a ₹136 crore bank guarantee fraud case.
The accused allegedly used forged guarantees and fake State Bank of India confirmations to secure a tender from Solar Energy Corporation of India.
All three accused are in police custody till April 23, with further investigation underway into the wider conspiracy.
On Tuesday, April 21, 2026, police issued a statement mentioning that the Delhi Police Economic Offences Wing (EOW) has arrested the CFO (Chief Financial Officer) of Reliance Power Limited. Along with the CFO, two more associates were also arrested. The arrests were made in connection with an alleged bank guarantee fraud worth ₹136 crore linked to a government renewable energy tender.
The case was registered after Biblesh Meena, a manager at the Solar Energy Corporation of India, filed a complaint. SECI is a public sector company under the Ministry of New and Renewable Energy. The arrests were carried out on April 15, 2026.
The arrested accused include Ashok Kumar Pal, CFO of Reliance Power Ltd; Partha Sarathi Biswal, Managing Director of Odisha-based Biswal Tradelink Pvt. Ltd; and Kolkata-based intermediary Amarnath Dutta. All three have been remanded to police custody till April 23, 2026.
The complaint stated that Reliance NU BESS Ltd, a subsidiary of Reliance Power, allegedly submitted two forged bank guarantees worth ₹68.2 crore each to secure a tender floated by SECI.
Investigators said the guarantees were claimed to have been issued by foreign lenders, including FirstRand Bank Ltd. in Manila, Philippines, and ACE Investment Bank in Malaysia. To make the documents appear legitimate, the accused allegedly supported them with fabricated emails and forged confirmations routed through the Structured Financial Messaging System (SFMS), making them appear as if they were issued by the State Bank of India.
However, when the guarantees were verified, SBI denied issuing any such confirmations, raising suspicion about the documents. Further investigation revealed that senior officials of Reliance Power allegedly conspired to arrange these fake guarantees and used them to gain an advantage in securing the tender.
Police also said that large sums of money were allegedly exchanged to procure the forged documents. The arrests were made after investigators tracked financial transactions and communication links connecting the accused to the fraud.
The case has been registered under multiple sections of the Bharatiya Nyaya Sanhita and the IT Act. Further investigation is ongoing to identify if any additional individuals were involved in the alleged conspiracy.
[VP]
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