ED files chargesheet against Reliance Power, subsidiaries in 'bogus' bank guarantee case

Key Highlights

• The money laundering case stems from a November 2024 FIR of Delhi Police's Economic Offences Wing (EOW).
• In this case, the agency initiated an investigation against Reliance NU BESS Limited (a 100% subsidiary of Reliance Power Limited) based on a complaint filed by SECI, and another FIR filed by Reliance NU BESS Limited against Biswal Tradelink Private Limited and its managing director, Partha Sarathi Biswal, said an official.
• Reliance Power Limited (through its subsidiary Reliance NU BESS Limited) submitted a bid for a tender issued by SECI for setting up 1000 MW / 2000 MWh standalone BESS projects under tariff-based competitive bidding.
• “The bidder was required to submit a Bank Guarantee of Rs.68.2 crore along with the bid documents.
• As per the tender conditions, if the Bank Guarantee is issued by a foreign bank, then it requires endorsement of the same from an Indian branch of that foreign bank or from the State Bank of India (SBI),” the agency said.