Reliance Power CFO and Anil Ambani Aide Ashok Kumar Pal Arrested by ED in Money Laundering Case

ED has arrested Ashok Kumar Pal, CFO of Reliance Power Limited and a close aide of Anil Ambani, in connection with an alleged fake bank guarantee and fake invoicing case. Pal was taken into custody after questioning at the ED’s Delhi office.

The Enforcement Directorate (ED) has arrested Ashok Kumar Pal, Chief Financial Officer (CFO) and Executive Director of Reliance Power, in connection with a fake bank guarantee case worth Rs 68.2 crore. Pal, a close aide of Anil Ambani, is accused of involvement in a bogus guarantee submitted to the Solar Energy Corporation of India (SECI), a public sector firm under the Ministry of New and Renewable Energy.

The ED’s action follows an FIR filed by the Economic Offences Wing (EOW) in 2024, which alleged financial irregularities linked to Reliance Power.

CFO arrested after late-night ED questioning

ED arrested Ashok Kumar Pal late on Friday night after several hours of questioning at its Delhi office. Pal, a senior executive in a publicly listed company where the public holds over 75 per cent of shares, is accused of playing a key role in diverting funds and submitting forged documents.

Fake bank guarantee worth Rs 68 crore under probe

Investigators said the case involves a fraudulent bank guarantee of more than Rs 68 crore submitted to the Solar Energy Corporation of India (SECI) for a Battery Energy Storage System (BESS) tender. Pal, authorised by a company board resolution to sign documents on behalf of Reliance Power, allegedly conspired to submit a fake guarantee to cheat SECI.

The bogus guarantee was issued in the name of 'FirstRand Bank, Manila, Philippines',  a branch that does not exist. It was arranged through Biswal Tradelink Pvt. Ltd (BTPL), a small firm run from a residential address with no proven record in financial dealings. BTPL director Partha Sarathi Biswal, already in judicial custody, is accused of helping execute the forged guarantee.

Forgery, fake invoices, spoofed emails exposed

The ED found that Pal approved fake transport invoices worth several crores to divert company funds. He reportedly managed these transactions through Telegram and WhatsApp instead of Reliance Power’s official systems.

Investigators also discovered that Pal used a fake bank guarantee racket involving spoofed email domains mimicking major banks — for instance, “s-bi.co.in” instead of the real “sbi.co.in”. Similar fake domains were used to impersonate Indian Bank, IndusInd Bank, and Punjab National Bank.

Officials said Pal’s actions were part of a wider criminal conspiracy using forged documents and fake communication channels to cheat public institutions and misuse company funds.

Ashok Kumar Pal's association with Reliance Power

Pal, a Chartered Accountant, has been associated with the company for over seven years and was appointed CFO in January 2023. His arrest marks a key step in the agency’s widening probe into alleged financial misconduct within the Reliance Group.

(With ANI inputs)