The Enforcement Directorate (ED) arrested Ashok Kumar Pal, CFO of Anil Ambani’s Reliance Group’s Reliance Power Company, after questioning him at its Delhi office.

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The Enforcement Directorate (ED) has taken major action against Anil Ambani’s Reliance Group. Reliance Power Company CFO Ashok Kumar Pal has been arrested after questioning at its Delhi office, official sources said on Saturday.

Arrest under PMLA
According to sources, Reliance Power’s Chief Financial Officer (CFO) Ashok Kumar Pal was arrested on Friday under the provisions of the Prevention of Money Laundering Act (PMLA). The ED team is investigating Anil Ambani group companies in bank fraud cases worth crores of rupees.

Board Resolution Granted These Powers
The board resolution authorized him (and others) to finalize, approve, sign, and execute all documents related to SECI’s BESS tender and to utilize RPL’s financial capabilities for the bid.

Fraud of Over ₹68 Crore
He played a key role in submitting fraudulent bank guarantees worth over ₹68 crore to SECI with the intention of defrauding the public sector undertaking. He played a key role in planning, supervising, financing, and concealing the fraudulent bank guarantee scheme used in the SECI tender.

The company’s CFO is also accused of these frauds.
He is alleged to have played a key role in selecting Biswal Tradelink Private Limited to provide the fraudulent bank guarantee. BTPL is a small entity operating from a single residential address with no credible bank guarantee record. Without due diligence of the vendor, a fake bank guarantee was executed. BTPL Director Mr. Partha Sarathi Biswal is already in judicial custody.

Money Laundering Also Committed
Ashok Kumar Pal played a key role in laundering funds through fake transportation invoices worth crores of rupees. He approved releases and assisted with the paperwork via Telegram/WhatsApp, deviating from the normal SAP/vendor master workflow. The severity of the fraud can be gauged from the fact that Reliance Power Group deposited a bank guarantee from FirstRand Bank, Manila, Philippines. While the truth is that there are no FirstRand Bank branches in the Philippines.