Editor’s Note
This article has been updated to include Reliance Power’s official clarification regarding the Enforcement Directorate’s recent action. The company states that the individual arrested in the alleged fake bank guarantee case has no connection to the firm.
Reliance Power Limited has clarified regarding the action taken by the Enforcement Directorate (ED). The company stated that Amar Nath Datta, who was arrested in the fake bank guarantee case, has no connection with the company. Reliance Power Limited informed the stock market about this on Saturday. The company said,
Reliance Power said that the company, its subsidiary, Reliance NU BESS Limited, and employees have worked honestly. They have become victims of a conspiracy of fraud and deception. The company also clarified that the media has presented Anil Ambani’s statement in this case in the wrong context. He has not been on the board of Reliance Power Limited for over three and a half years. It is noteworthy that ED officials arrested Amar Nath Datta on November 6 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The Securities and Exchange Board of India (SEBI) has warned investors that investment in digital gold is risky. Several digital platforms are active for investing in digital gold or e-gold. In its advisory, SEBI has said that these are outside the regulatory framework and investing in them is risky. SEBI said that investment in gold can be made through regulated products like Gold Exchange Traded Funds and Electronic Gold Receipts, but SEBI does not regulate investment in digital gold offered by various online platforms. SEBI’s advisory comes at a time when app-based and online gold investment has increased.