India


ED files supplementary chargesheet against Reliance Power over SECI tender fraud

New Delhi (December 6, UNI): The Enforcement Directorate (ED) on Saturday filed a supplementary chargesheet in a case involving alleged fake bank guarantees submitted by Reliance Power Limited to the Solar Energy Corporation of India (SECI) to secure a tender.
The ED initiated its investigation based on FIRs registered by the Economic Offences Wing (EOW) of Delhi. One FIR was against Reliance NU BESS Limited (a 100% subsidiary of Reliance Power Limited) following a complaint by SECI, and another was filed by Reliance NU BESS Limited against Biswal Tradelink Private Limited and its Managing Director, Partha Sarathi Biswal.
An ED official said, "Reliance Power Limited (through its subsidiary Reliance NU BESS Limited) submitted a bid for an SECI tender to set up 1000 MW / 2000 MWh standalone Battery Energy Storage System (BESS) projects under tariff-based competitive bidding. The bidder was required to submit a bank guarantee of Rs. 68.2 crore. As per the tender conditions, if the bank guarantee is issued by a foreign bank, it requires endorsement from an Indian branch of that bank or from the State Bank of India (SBI)."
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