ED Arrests Reliance Power CFO Ashok Kumar Pal in Fake Bank Guarantee Case Linked to Anil Ambani’s Firm | Image:
Republic
The Enforcement Directorate (ED) has formally arrested Ashok Kumar Pal, Chief Financial Officer (CFO) and Executive Director of Reliance Power Limited, in the alleged fake bank guarantee and fake invoicing case tied to the Anil Ambani group. Officials confirm Pal was taken into custody last night following detailed questioning at the ED’s Delhi office, and he is to be produced before a special judge at 9:30 am today for remand proceedings, sources told Republic TV.
Second Major Arrest in Ambani Probe
This arrest marks the second high-profile detention in the sprawling investigation into the Anil Ambani group’s alleged financial misconduct. Pal is the latest senior executive to face scrutiny in this case, reinforcing the ED’s aggressive approach toward unraveling possible money laundering networks linked to the conglomerate.
Case Background: FIR and ED Investigation
The case originates from FIR No. 0131/2024 dated 11.11.2024, registered by the Economic Offences Wing (EOW), Delhi. The ED recorded an Enforcement Case Information Report (ECIR) and initiated an investigation under the Prevention of Money Laundering Act (PMLA) into a Fake Bank Guarantee racket.
As part of the probe, the ED conducted searches under Section 17 of PMLA:
Bhubaneswar: Three premises linked to M/s Biswal Tradelink Private Limited and its directors.
Kolkata: One premises of an associate/operator.
Fake Bank Guarantees and Fraudulent Bills
The investigation revealed that Biswal Tradelink Pvt. Ltd., its directors, and associates were engaged in issuing fake bank guarantees for a commission of 8%. Preliminary findings indicate that the group also facilitated fake bills for commission, according to sources.
Several undisclosed bank accounts have been identified, with suspicious transactions amounting to crores of rupees. ED officials described the company as a “mere paper entity” with a registered office at a residential property of a relative and no statutory company records at the address.
Investigators also traced suspicious transactions across multiple companies and found that key individuals were using the Telegram app with disappearing messages enabled, indicating deliberate attempts to conceal communication.
Fake Bank Guarantee to SECI
One of the central pieces of evidence is a ₹68.2 crore bank guarantee submitted to the Solar Energy Corporation of India (SECI) on behalf of Reliance NU BESS Limited / Maharashtra Energy Generation Limited, which the ED confirmed was fake, as per sources.
To make the guarantee appear genuine, the group used a spoofed email domain, instead of the legitimate sbi.co.in, they deployed s-bi.co.in to send forged communications to SECI, impersonating the State Bank of India. The ED has sought domain registration details from the National Internet Exchange of India (NIXI) to trace the source.
Links to Anil Ambani Group Money Laundering Case
This investigation is connected to evidence seized earlier during searches on 24.07.2025 in the Anil Ambani group case, which involved alleged ₹17,000-crore bank loan frauds.
The ED has written to nearly 20 public and private banks, including State Bank of India and Bank of Baroda, to obtain details of loans extended to Reliance group entities. The probe focuses on Reliance Home Finance Limited and Reliance Commercial Finance Limited, which are suspected of diverting funds to Reliance Power and Reliance Infrastructure.
Senior executives, including Amitabh Jhunjhunwala (former CFO) and Satish Seth (close confidant of Anil Ambani), have already been questioned in connection with the case.
Next Steps: Judicial Custody and Further Interrogation
As of now, Pal has been produced before the residence of a special judge, and ED officials will seek his custody to further the investigation. In the coming hours, the court will determine whether the ED’s custody request will be granted.
