The other accused have been identified as Partha Sarthi Biswal, managing director (MD) of Odisha-based Biswal Tradelink Pvt Ltd and Amarnath Dutta, a resident of Kolkata. All three were arrested on 15th April and have been remanded to police custody till 23 April 2026.
According to the police, the case pertains to the alleged submission of fake bank guarantees by Reliance NU BESS Ltd, a subsidiary of Reliance Power, during a tender process floated by SECI. The company is accused of submitting two forged bank guarantees of ₹68.20 crore each, purportedly issued by foreign banks.
The matter came to light following a complaint filed on 24 June 2025 by Biblesh Meena, manager at SECI, a public sector undertaking under the Union ministry of new and renewable energy. Based on the complaint, a case was registered under relevant provisions of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology (IT) Act at the EOW police station.
Investigations revealed that the guarantees were shown to be issued by foreign entities, including ACE Investment Bank, Malaysia, and FirstRand Bank Ltd, Manila, Philippines. To make the documents appear authentic, the accused allegedly created fake email trails and fabricated structured financial messaging system (SFMS) confirmations purportedly issued by the State Bank of India (SBI). The bank later denied issuing any such confirmations.
According to police officials, senior functionaries, including Mr Pal, allegedly conspired with intermediaries to arrange these forged bank guarantees by paying substantial amounts for generating fake documents and securing fabricated approvals.
“Ashok Kumar Pal conspired with co-accused persons for arranging forged bank guarantees from foreign banks to secure the tender with SECI,” says Subodh Kumar Goswami, deputy commissioner of police (EOW), as quoted in media reports.
Investigators say Mr Biswal acted as an intermediary through his company, while Mr Dutta functioned as a middleman in the alleged conspiracy. The probe has found that the trio worked in coordination to arrange the forged financial instruments and present them as genuine to the tendering authority.
A special investigation team (SIT) was constituted under the supervision of DCP Goswami to probe the case and track down those involved.
Mr Pal is a qualified chartered accountant and has been associated with the Reliance Anil Dhirubhai Ambani group (ADAG) since 2018. Police say the role of other individuals and entities linked to the case is also being examined.
EOW is continuing its investigation to uncover the full extent of the alleged fraud, including the money trail and possible involvement of additional intermediaries or beneficiaries.
Dnyanradha Multistate Society Fraud: ED Seizes Kute-linked Properties Worth ₹9.29 Crore in Mumbai, Pune
Moneylife Digital Team
22 April 2026
The Mumbai zonal office of the directorate of enforcement (ED) has taken possession of six immovable properties valued at about ₹9.29 crore in connection with the Dnyanradha Multistate Co-operative Credit Society Ltd (DMCCSL) fraud...
CBI ‘Operation Chakra-V’ Nets Key Cyber Fraud Conspirator; ₹67 Lakh SIM Racket Unearthed
Moneylife Digital Team
21 April 2026
The central bureau of investigation (CBI) its ongoing anti-cybercrime drive, has arrested a key conspirator involved in procuring and distributing fraudulently obtained SIM cards, exposing a crucial link in the infrastructure...
CBI Arrests Two Reliance Communications Executives in ₹2,929 Crore SBI Fraud Case; Wider ₹19,694 Crore Bank Loss under Probe
Moneylife Digital Team
21 April 2026
The central bureau of investigation(CBI) in the long-running probe into alleged bank fraud involving Anil D Ambani controlled Reliance Communications (RCom), has arrested two senior executives D Vishwanath, joint president and Anil...
CBI Nabs DGCA Official, Pvt Firm Executive in ₹2.5 Lakh Bribery Case; ₹37 Lakh Cash, Valuables Seized
Moneylife Digital team
20 April 2026
In yet another case exposing alleged corruption in India’s aviation regulatory apparatus, the central bureau of investigation (CBI) has arrested Mudavath Devula, a deputy director general from the airworthiness directorate of the...
If this is an indicator for other arrested accused or witnesses in any RAAGA company investigation, the law may not catch up with Anil Ambani, but will surely catch up and do musical chairs with the next layer. A strong indication not to keep quiet under pressure or promise from Anil Ambani, Amitabh Jhunjhunwala and Sateesh Seth. Unless the arrested accused co-operate fully with the agency, there are more agencies waiting for them with a similar case.
And those who can’t openly cooperate, follow Punit Garg’s strategy of handing over the chat backups, innocuously, that unknowingly mistake may get the sharks and whales in the net. And once the sharks like Anil Ambani and whales like Amitabh Jhunjhunwala get entangled in the net, the small fish will breathe easy. If the smaller fish already in, or still out, understand the shape of things to come, the chances of law resulting in Justice get stronger. And neither Anil Ambani or mastermind Jhunjhunwala have ready cash to coerce the smaller fish for the comfort and security their families need. Nor does Sateesh Seth wield the same power he once did, when he was the executor no. 1 for Anil Ambani.
Right now the priority for Amitabh Jhunjhunwala is to get out of Tihar, and for Anil Ambani and Sateesh Seth is to stay out of Tihar. And to stay out, they have served the smaller fish, on the grill, for proceedings of the SC monitored investigation