The Economic Offences Wing (EOW) of the Delhi Police has announced the arrest of Ashok Kumar Pal, former Chief Financial Officer (CFO) of Reliance Power Limited, along with two other individuals, in connection with an alleged ₹136 crore bank guarantee fraud. The arrests, made on April 15, mark a significant development in a high-value financial crime investigation related to a government renewable energy tender.
Alongside Pal, 50, authorities also apprehended Partha Sarathi Biswal, 54, managing director of Odisha-based Biswal Tradelink Pvt Ltd, and Amarnath Dutta, 50, from Kolkata. All three have been remanded to police custody until April 23 as the investigation continues.
The Allegations: Forged Bank Guarantees for Renewable Energy Tender
The case originated from a complaint filed by Biblesh Meena, a manager at the Solar Energy Corporation of India (SECI). The complaint alleges that Reliance NU BESS Ltd, a subsidiary of Reliance Power, submitted two forged bank guarantees, each valued at ₹68.2 crore, to secure a crucial renewable energy tender issued by SECI.
Investigators claim these guarantees were purportedly issued by foreign financial institutions: ACE Investment Bank, Malaysia, and FirstRand Bank Ltd, Manila. To lend credibility, these documents were reportedly accompanied by what appeared to be authenticated confirmations routed through the Structured Financial Messaging System (SFMS) of the State Bank of India (SBI).
Fabricated Confirmations and Broader Conspiracy
However, the EOW's probe revealed that these confirmations, including various emails and SFMS messages, were allegedly fabricated. The State Bank of India has reportedly denied issuing any such authentication or endorsements related to the guarantees in question, further solidifying the EOW's claims of fraud.
Police findings suggest a broader criminal conspiracy involving senior officials of Reliance Power and external intermediaries. Authorities allege that the forged bank guarantees were arranged through these intermediaries, with the fabricated SBI confirmations used to secure the SECI tender. The investigation is also exploring whether substantial sums of money were exchanged to facilitate the creation and use of these fraudulent documents. Efforts are ongoing to trace the financial trail and identify any additional individuals involved in the alleged conspiracy.
It was noted that Ashok Kumar Pal had tendered his resignation as Executive Director and CFO of Reliance Power with effect from October 11, 2025, in light of the ongoing investigation and prior arrests related to an FIR he himself had filed.