Shares of Anil Ambani’s Reliance Power and Reliance Infra fell again on the sixth trading day after the stock fell by 1% and 5% after Enforcement Directorate (ED) has made a third arrest in its money laundering investigation
The case pertains to the alleged issuance of a fake bank guarantee worth ₹68 crore, official sources said on Friday. A person identified as Amar Nath Dutta was taken into custody on Thursday under the provisions of the Prevention of Money Laundering Act (PMLA). He was subsequently remanded to four days of ED custody by a special court, the sources said. Earlier, the federal agency had arrested former Reliance Power Chief Financial Officer Ashok Kumar Pal and Partha Sarathi Biswal, managing director of Odisha-based Biswal Tradelink, in connection with the same case.
The investigation centres around a bank guarantee worth ₹68.2 crore submitted to Solar Energy Corporation of India Limited (SECI) on behalf of Reliance NU BESS Limited, a subsidiary of Reliance Power. The company, formerly known as Maharashtra Energy Generation Limited, is listed on the stock exchanges.According to the ED, the bank guarantee — purportedly issued by the FirstRand Bank in Manila, Philippines — was found to be “fake”. The probe agency noted that the said bank does not have a branch in the Philippines.
Reliance Infrastructure is a zero-bank-debt company with assets worth Rs. 65,840 crore and a net worth of Rs.14,287 crore as of March 31, 2025, and a retail shareholder base of over 7 lakh investors.Similarly, Reliance Power is also a zero-bank-debt company, with assets worth Rs.41,282 crore, a net worth of Rs. 16,337 crore, and more than 43 lakh retail shareholders. Both companies have filed a formal complaint with SEBI on October 29, 2025, alleging a “systematic campaign of price hammering and market manipulation.”