New Delhi: The Enforcement Directorate (ED) has arrested Ashok Pal, Chief Financial Officer of Reliance Power, a company under the Anil Ambani-led Reliance Group, in connection with a money laundering probe linked to an alleged fake bank guarantee of ₹68.2 crore.
Pal was taken into custody on Friday night under the Prevention of Money Laundering Act (PMLA), following extensive questioning by ED officials. He is expected to be presented before a special court today, where the agency will seek his custodial remand for further interrogation, sources said.
The case revolves around a bank guarantee that was submitted to the Solar Energy Corporation of India Limited (SECI) by Reliance NU BESS Limited, a subsidiary of Reliance Power. The guarantee was later found to be fraudulent.
Investigators have linked the fake bank guarantee to an Odisha-based firm, Biswal Tradelink, which is alleged to have operated a racket offering counterfeit guarantees to business entities in return for a commission. In August, the ED raided the company and arrested its Managing Director, Partha Sarathi Biswal.
The probe revealed that Biswal Tradelink used deceptive tactics to appear legitimate, including an email domain—s-bi.co.in—closely resembling that of the State Bank of India (sbi.co.in), in order to send forged communications to SECI.
According to ED sources, the company also created fake invoices for commissions and operated several undisclosed bank accounts through which suspicious transactions worth several crores were routed. The registered address of Biswal Tradelink was found to be a residential property owned by a relative of the main accused, with no business records present.
The ED’s investigation stems from a November 2024 FIR filed by the Economic Offences Wing (EOW) of the Delhi Police, which alleged that the firm was providing fake bank guarantees for a commission of around 8%.
In response to the developments, the Reliance Group previously stated that Reliance Power had been a “victim of fraud, forgery, and criminal conspiracy” and had disclosed the matter to the stock exchange in November 2024. The group also confirmed that it had filed a complaint with Delhi Police’s EOW in October 2024 against the third party involved.
The ED continues to investigate the wider network connected to the fake guarantees and money laundering, including the financial trail, possible beneficiaries, and forward-and-backward linkages. More arrests and revelations are expected as the case unfolds.
