Reliance Power, in an exchange filing on Saturday, said the arrest of Amar Nath Dutta “has no impact on the company’s business operations, financial performance, or stakeholders,” adding that both Reliance Power and its subsidiary, Reliance NU BESS Limited, are “victims of fraud, forgery, and a cheating conspiracy.”
ED probe widens
The Enforcement Directorate on Thursday arrested Dutta, a Kolkata-based consultant, alleging he played an “active role” in arranging and submitting forged bank guarantees worth over Rs 68 crore to help a Reliance Power subsidiary qualify for a Solar Energy Corporation of India (SECI) tender.According to the agency, Dutta acted in coordination with Ashok Pal, the company’s former chief financial officer, and Partha Sarathi Biswal, managing director of Odisha-based Biswal Tradelink Pvt Ltd, who were arrested earlier in the same case.
Dutta was produced before a Delhi court and remanded to four days of ED custody. The agency said it is investigating multiple angles, including tracing the proceeds of crime, identifying beneficiaries, and examining the wider conspiracy involving other entities and individuals.
The fake bank guarantee case forms part of a broader ED probe into alleged money laundering and loan fraud linked to Anil Ambani’s Reliance Group. The agency has summoned Ambani for questioning on November 14 in connection with a separate alleged bank loan fraud at the State Bank of India.
Earlier this month, the ED attached assets worth over Rs 7,500 crore, including more than 132 acres of land at Dhirubhai Ambani Knowledge City in Navi Mumbai valued at Rs 4,462.81 crore. The move is part of an ongoing investigation into suspected diversion of public funds by group entities such as Reliance Communications, Reliance Infrastructure, Reliance Home Finance, and Reliance Commercial Finance.
Investigators allege that loans raised between 2010 and 2012 were diverted through circular fund movements and related-party transactions, with large sums used to repay debts of other group firms in violation of lending norms. The Ministry of Corporate Affairs has also directed the Serious Fraud Investigation Office to probe governance lapses and possible fund diversion within key Reliance entities.
Earnings on tap
The rally in Reliance Power’s shares also comes ahead of the company’s September quarter (Q2 FY26) results due later on Monday.
In July, the company reported a consolidated net profit of Rs 44.68 crore for the first quarter ended June 2025 (Q1 FY26), a turnaround from a loss of Rs 97.85 crore in the same period a year earlier. Revenue from operations fell 5.3% year-on-year to Rs 1,885.58 crore, while total income stood at Rs 2,025 crore, down 2% from last year.
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Despite the year-on-year profit recovery, net profit dropped 64% sequentially from Rs 125.57 crore in the March quarter.
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