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.
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.