The Enforcement Directorate (ED) has taken another major action against Anil Ambani’s Reliance Group in connection with an alleged ₹68 crore fake bank guarantee case. This marks the third arrest in the ongoing investigation, causing panic in the stock market.
Third Arrest in the Case
According to media reports, Aman Nath Dutta was arrested by the ED on Thursday under the Prevention of Money Laundering Act (PMLA). After his arrest, a special court sent him to four days of judicial custody.
Earlier, the agency had arrested Ashok Kumar Pal, the Chief Financial Officer (CFO) of Reliance Power, and Partha Sarathi Biswal, the Managing Director of Biswal Tradeline Pvt Ltd based in Odisha. The case involves a fake bank guarantee worth ₹68.2 crore allegedly linked to Reliance Power.
Shares Fall After ED Action
Following the latest ED move, shares of Reliance Infrastructure and Reliance Power saw a sharp decline on Friday, November 7. On the Bombay Stock Exchange (BSE), Reliance Infrastructure shares dropped by nearly 5%, trading at around ₹174.85, down by ₹9.20 from the previous close.
Reliance Power shares also slipped by 2.53%, trading at ₹40.04, a fall of ₹1.04.
Just a few days earlier, Reliance Infrastructure shares had touched their 52-week high of ₹425, but the latest developments have led to heavy selling pressure.
Company’s Response
The Reliance Group has issued a statement clarifying that Anil Ambani has no connection with the ongoing investigation or the alleged fake bank guarantee case.
