The Enforcement Directorate (ED) has arrested Ashok Pal, the chief financial officer of industrialist Anil Ambani’s group company Reliance Power, in a money laundering case linked to a fake bank guarantee of ₹68 crore, according to news agency PTI.
ED arrested the CFO Ashok Pal
Pal taken into custody on Friday night under the Prevention of Money Laundering Act (PMLA) after questioned by the agency. He appear before a special court on Saturday, where the ED will request his remand for further questioning.
The case is connected to a bank guarantee of ₹68.2 crore that submitted to the Solar Energy Corporation of India Limited (SECI). This guarantee found to fake. Reliance NU BESS previously called Maharashtra Energy Generation Limited. The ED identified the accused company allegedly involved in issuing fake bank guarantees as an Odisha-based entity, Biswal Tradelink.
Money laundering case registered against CFO
The money laundering case began from an FIR filed in November 2024 by the Delhi Police’s Economic Offences Wing (EOW). The FIR claimed that the company issued fake bank guarantees for an 8 percent commission.
At that time, Reliance Group stated that Reliance Power had been a victim of fraud and forgery and informed the stock exchange on November 7, 2024. ED sources shows that the Bhubaneswar-based company used an email domain, s-bi.co.in, which closely resembled SBI’s official domain, to make it seem like the communication was from the State Bank of India. This fake domain employed to send forged messages to SECI.
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