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Reliance Power CFO held for money laundering
Financial Express Hyderabad
|October 12, 2025
FROM THE FRONT PAGE
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THE CASE PERTAINS to a bank guarantee of %68.2 crore submitted to the Solar Energy Corporation of India Limited (SECI) on behalf of Reliance NU BESS, a subsidiary of Reliance Power, a listed company, which was found to be 'fake’.
The company was formerly known as Maharashtra Energy Generation. The accused company, which allegedly operated a racket for providing ‘fake’ bank guarantees for business groups, was identified by the ED as Odisha-based Biswal Tradelink. As part of the investigation, the ED carried out searches against the company and its promoters in August and arrested its managing director, Partha Sarathi Biswal.
This story is from the October 12, 2025 edition of Financial Express Hyderabad.
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