ED action on Reliance Group, CFO Ashok Pal arrested in fake bank guarantee case

ED Action On Reliance Group:  The Enforcement Directorate (ED) has arrested Ashok Kumar Pal, CFO of Reliance Power Limited. This arrest is allegedly in connection with a fake bank guarantee and fake invoicing case related to Reliance Power. Anil Pal was detained last night after questioning at his Delhi office. According to officials, he will be produced before a judge today for remand.

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Enforcement Directorate has arrested CFO of Reliance Power Limited.

Anil Ambani is currently facing numerous financial challenges. In such a situation, Ashok Pal's arrest could prove to be another blow to the company. In recent days, the ED had summoned Anil for questioning. According to the ED, loans worth Rs 12,524 crore were given by RHFL and RCFL. Most of these loans were distributed to companies associated with the Reliance Anil Ambani Group. Of this, loans worth ₹6,931 crore have been declared non-performing assets. According to sources, Ashok was arrested on Thursday night after questioning at his office in Delhi.

CFO Ashok Pal arrested in fake bank guarantee case.

Ashok Kumar Pal, Chief Financial Officer (CFO) of Reliance Power Limited (RPL), has been accused of playing a key role in a massive fund diversion and fake bank guarantee scam. RPL is a listed company with over 75% public shareholding. According to reports, Ashok Pal was authorized by a company board resolution to sign and approve all files and documents related to the SECI Battery Energy Storage System (BESS) tender. Using this authority, he misused the company's financial credibility.

Anil Ambani is currently facing numerous financial challenge.

It is reported that he submitted fake bank guarantees (BGs) worth over ₹68 crore with the intention of defrauding SECI. He played a direct role in planning, monitoring, funding, and concealing evidence of this entire fraud. The company he founded, Biswal Tradelink Pvt. Ltd. (BTPL) was chosen to provide the bank guarantee, a small firm operating from a residential address with no record of issuing any genuine BGs. The company's director, Partha Sarathi Biswal, is currently in judicial custody.

Also Accused in several others case

Ashok Pal is also accused of siphoning off funds through fake transport bills worth crores of rupees. He reportedly approved files via WhatsApp and Telegram, enabling payments to be processed outside the company's official SAP or vendor systems. The severity of the scam can be gauged from the fact that the bank guarantee provided by Reliance Power was in the name of FirstRand Bank, Manila, Philippines, even though this bank has no branch in the Philippines.

Ashok accused of massive fund diversion and fake bank guarantee scam

Furthermore, they used a fake bank syndicate that used email domains that resembled those of genuine banks, such as s-bi.co.in instead of sbi.17313@sbi.co.in. Similarly, fake domains such as lndianbank.in, lndusindbank.in, pnblndia.in, psdbank.co.in, siliguripnb.co.in, Iobbank.co.in, and unionbankoflndia.co.in were created to mislead people into believing they were genuine banks.

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Summary.

Ashok Kumar Pal's role was crucial in this entire scheme of fraudulent bank guarantees and embezzlement of funds, directly harming the interests of the general public and investors.