Reliance Power has issued a clarification stating that Amar Nath Dutta, recently arrested by the Enforcement Directorate (ED) in connection with a fake bank guarantee case, has no association with the company. In an exchange filing on Saturday, the company emphasized that Dutta’s arrest has had no impact on its business operations, financial performance, shareholders, employees, or stakeholders.

The ED arrested Amar Nath Dutta under the Prevention of Money Laundering Act (PMLA) for allegedly playing a key role in providing a forged bank guarantee worth Rs 68.2 crore. This bank guarantee was submitted to the Solar Energy Corporation of India Limited (SECI) on behalf of Reliance NU BESS Limited, a subsidiary of Reliance Power, and was subsequently found to be fake.

Reliance Power described itself and its subsidiary Reliance NU BESS Ltd. as victims of fraud, forgery, and a cheating conspiracy. The company also clarified that Anil Ambani has not been on the board for over three and a half years, countering media reports incorrectly linking him to the ongoing investigation.

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Amar Nath Dutta is the third individual arrested in this high-profile case, following the earlier arrests of former Reliance Power CFO Ashok Kumar Pal and Partha Sarathi Biswal, Managing Director of an Odisha-based company involved in the racket. The ED continues its probe into the broader conspiracy, including tracing the beneficiaries of the proceeds and examining possible fund diversion.

The Enforcement Directorate's investigation is ongoing, as it seeks to unravel the full extent of the alleged forgery and financial irregularities involving Reliance Power and its subsidiaries. Meanwhile, the company asserts its commitment to cooperating with authorities while maintaining that its core business remains unaffected.

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