The Enforcement Directorate has arrested Ashok Kumar Pal, an aide of Anil Ambani and the Chief Financial Officer (CFO) at his Reliance Power, in connection with a fake bank guarantee case. The development comes as the ED widens its probe into alleged financial irregularities involving Anil Ambani's Reliance Group.
The arrest of Ashok Pal, who also serves as the executive director at Reliance Power, is related to a suspected fake bank guarantee racket worth Rs 68.2 crore.
Pal, a Chartered Accountant, was appointed as the Chief Financial Officer (CFO) of the company in January 29, 2023. He has been associated with Reliance Power for more than 7 years.
This ED case is based on an FIR filed by the Economic Offences Wing (EOW) in 2024, relating to a bogus guarantee submitted to the Solar Energy Corporation of India (SECI), a public sector company under the Ministry of New and Renewable Energy.
