ED Arrests Reliance Power CFO Ashok Pal in Major Fraud Probe
The Enforcement Directorate (ED) has arrested Ashok Pal, Chief Financial Officer of Reliance Power, a company under Anil Ambani’s Reliance Group, for alleged involvement in a money laundering case. According to officials, Pal was detained under the Prevention of Money Laundering Act (PMLA) for his suspected role in diverting company funds and submitting fake bank guarantees.
ED Links Ashok Pal to Fake Bank Guarantee Scheme
Sources reveal that Pal played a key role in manipulating financial documents linked to a public sector tender by the Solar Energy Corporation of India (SECI). The ED alleges that he helped submit a bogus bank guarantee worth ₹68 crore using Reliance Power’s credentials. The fraudulent guarantee was purportedly issued by FirstRand Bank, Manila, which, as per investigation, has no branch in the Philippines.
Fake Domains and Bogus Vendors Used in Fraud
Investigators discovered that the fake guarantee racket used spoofed email domains resembling genuine Indian banks, such as s-bi.co.in or lndianbank.in, to deceive authorities. Pal allegedly facilitated transactions via Telegram and WhatsApp, bypassing official company workflows. The probe also links him to Biswal Tradelink Pvt Ltd, a small firm chosen without due diligence, which supplied the forged guarantee.
ED Uncovers Diversion of Funds and Forged Invoices
According to the ED, Pal’s involvement extended to diversion of funds through fake transport invoices worth crores. He reportedly approved releases and authorized transactions outside official systems. The agency has already detained Partha Sarathi Biswal, director of Biswal Tradelink, who remains in judicial custody. The investigation suggests a wider network of financial fraud tied to Reliance Group companies.
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