New Delhi: The Enforcement Directorate (ED) has arrested Ashok Kumar Pal, Chief Financial Officer of Reliance Power Limited, in a high-profile case involving a ₹68 crore fake bank guarantee and fraudulent invoicing scandal.
The arrest, made late Thursday at the ED’s Delhi office, follows intense questioning over Pal’s alleged role in financial irregularities tied to the Anil Ambani-led group.
According to ED officials, Pal played a pivotal role in orchestrating a scheme involving fake bank guarantees submitted to the Solar Energy Corporation of India (SECI) for a Battery Energy Storage System (BESS) tender. FirstRand Bank, Manila, purportedly issued the guarantees, but it has no branch in the Philippines, leading to their fabrication. Pal allegedly collaborated with Biswal Tradelink Pvt. Ltd., a small firm operating from a residential address with no credible record, whose director, Parth Sarathi Biswal, is currently in judicial custody.
Further allegations reveal Pal facilitated fund diversion through fake transport bills, approving transactions via WhatsApp and Telegram to bypass Reliance Power’s official systems. The ED also uncovered a network of fake email domains mimicking legitimate banks, such as s-bi.co.in and lndianbank.in, used to deceive stakeholders. With Reliance Power facing financial strain and over ₹6,931 crore in loans declared non-performing assets, this arrest serves as an important blow to the company.
Pal is set to be presented before a judge today for remand. The scandal has raised concerns among investors, given Reliance Power’s 75% public shareholding.