The Enforcement Directorate (ED) has arrested Ashok Pal, Executive Director and Chief Financial Officer (CFO) of Reliance Power Ltd, for his alleged role in a money laundering case linked to the Anil Ambani Group.
Pal was taken into custody in Delhi late last night after hours of questioning. He is expected to be produced before a special court in the capital, where the agency will seek his custody for further interrogation.
ED: Pal Played Key Role in Forged Bank Guarantee Scheme
In its official statement, the ED stated that Ashok Pal 'played a crucial role in the diversion of funds from a public-listed company.' The agency claimed that a board resolution had empowered him and other senior executives to finalise, sign and execute all documents related to SECI’s Battery Energy Storage System (BESS) tender using Reliance Power’s financial credentials.
According to the ED, Pal was instrumental in submitting a bogus bank guarantee worth over ₹68 crore to the Solar Energy Corporation of India (SECI) 'with the intention to cheat a public sector undertaking.'
Fake Guarantee from Non-Existent Bank Branch
Investigators revealed that Reliance Power submitted a forged guarantee purportedly issued by FirstRand Bank’s Manila branch—despite the fact that the bank has no presence in the Philippines. The ED said this highlights the “degree of fraud” involved in the scheme.
Link to Fake Bank Guarantee Racket
Pal allegedly selected Odisha-based Biswal Tradelink Pvt Ltd (BTPL) to issue the fake guarantee, despite it being a small firm operating from a residential address with no credible background. BTPL’s director, Partha Sarathi Biswal, is already in judicial custody.
The ED added that the fake BG racket operated through lookalike domains of major Indian banks—such as s-bi.co.in instead of sbi.co.in—to impersonate legitimate communications. These spoofed domains mimicked banks like SBI, PNB, Indian Bank, and IndusInd Bank by altering a single character to deceive recipients.
Money Diversion and Fake Invoices
According to the ED, Pal also played a key role in diverting funds through fake transport invoices running into crores. He allegedly approved payments and documentation outside the company’s official SAP and vendor systems, often using Telegram and WhatsApp to facilitate communication and approvals.
Fraud Impacts Public, Says ED
The agency emphasised that the fraud, orchestrated through a public-listed company where over 75 per cent of shares are held by the public, “directly affects public interest.”
The ED maintains that Pal’s arrest marks a significant step in unearthing a larger network of financial irregularities linked to the Anil Ambani Group’s business entities.
