The Economic Offences Wing (EOW) of the Delhi Police has arrested the former chief financial officer of Reliance Power Limited and two others in connection with an alleged bank guarantee fraud linked to a government renewable energy tender, marking a significant development in a high-value financial crime case.

The accused have been identified as Ashok Kumar Pal (50), former CFO of Reliance Power Ltd; Partha Sarathi Biswal (54), managing director of Odisha-based Biswal Tradelink Pvt Ltd; and Amarnath Dutta (50), a Kolkata-based individual. According to Deputy Commissioner of Police (EOW) Subodh Kumar Goswami, the arrests were made on April 15, and all three have been remanded to police custody until April 23.

In a letter addressed to the company’s board, Pal’s counsel stated that he was the original complainant in FIR No. 131/2024 dated November 11, 2024, registered by the EOW, New Delhi. Based on this FIR, the Enforcement Directorate subsequently registered an ECIR (No. ECIR/STF/14/2025) on June 16, 2025, in connection with which Pal was arrested on October 10, 2025.

In view of these developments and the ongoing investigation, Pal tendered his resignation as Executive Director and CFO of Reliance Power with effect from October 11, 2025.

The letter further noted that Pal had informed his counsel, Yash Agrawal, of his decision on October 11, 2025, during a meeting, and had conveyed that a formal resignation letter would be submitted on October 13, 2025, with retrospective effect.

What's the case

The case stems 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 worth ₹68.2 crore each to secure a renewable energy tender issued by SECI.

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Investigators said the guarantees were purportedly issued by foreign financial institutions — ACE Investment Bank, Malaysia, and FirstRand Bank Ltd, Manila. These guarantees were accompanied by what appeared to be authenticated confirmations routed through the Structured Financial Messaging System (SFMS) of the State Bank of India (SBI), lending credibility to the documents.

However, the EOW has alleged that these confirmations, including emails and SFMS messages, were fabricated. The State Bank of India has reportedly denied issuing any such authentication or endorsements related to the guarantees in question.

According to police findings, the investigation has pointed to a broader criminal conspiracy involving senior officials of Reliance Power and external intermediaries. Authorities allege that forged bank guarantees were arranged through these intermediaries, with fabricated SBI confirmations used to secure the SECI tender.

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The probe has also indicated that substantial sums of money may have been exchanged to facilitate the creation and use of these fraudulent documents. Further investigation is ongoing to trace the financial trail and identify additional individuals involved in the alleged conspiracy.

Published on: Apr 22, 2026 5:18 PM IST