Reliance Power CFO held for money laundering

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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.