ED Arrests Ashok Pal, CFO Of Anil Ambani’s Reliance Power, In Money Laundering Case
New Delhi: The Enforcement Directorate (ED) has arrested Ashok Pal, Executive Director and Chief Financial Officer (CFO) of Reliance Power Ltd, in connection with a money laundering investigation linked to companies under the Anil Ambani Group.
Pal was taken into custody in Delhi late last night after several hours of questioning. He is expected to be produced before a special court in the capital, where the agency is likely to seek his custody for further interrogation.
Linked to ₹68.2 Crore Fake Bank Guarantee Case
The arrest is part of the ED’s wider probe into a ₹68.2 crore fake bank guarantee racket. Investigators have traced the case to companies within the Anil Ambani Group, including Reliance NU BESS Limited and Maharashtra Energy Generation Limited.
The alleged fake bank guarantee was submitted to the Solar Energy Corporation of India (SECI) to secure a contract, using forged communication purportedly from the State Bank of India (SBI).
Forgery and Fake Domain Exposed
Officials revealed that the accused used a spoofed email domain, ‘s-bi.co.in’ instead of the genuine ‘sbi.co.in’—to send forged documents to SECI. The ED stated that this elaborate digital forgery was intended to pass off the bogus guarantee as authentic.
Investigators also discovered that the suspects used Telegram’s disappearing message feature to avoid detection and erase evidence of communication.
Parallel Probe Into ₹17,000 Crore Loan Fraud
This case runs parallel to the agency’s ongoing investigation into a separate ₹17,000 crore loan fraud involving the Anil Ambani Group. The industrialist himself has been summoned to appear before the ED in Delhi under the Prevention of Money Laundering Act (PMLA).
Recently, the agency raided 35 premises linked to the Reliance Group across Mumbai, examining financial records of nearly 50 firms and 25 individuals.
Fake Bank Guarantee Racket Unearthed
The alleged racket was first flagged in an FIR registered by the Delhi Police’s Economic Offences Wing on November 11, 2024. Odisha-based Biswal Tradelink Pvt Ltd is suspected of issuing fake guarantees for an 8% commission and routing illicit funds through multiple undisclosed accounts.
The ED maintains that it has found concrete evidence linking these entities with the Anil Ambani Group and the ₹68.2 crore fake guarantee, marking a significant development in the ongoing investigation.
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