Senior Reliance Power Executive Taken into Custody
Ashok Kumar Pal, a senior executive and Chief Financial Officer (CFO) of Reliance Power Limited, and a close aide to industrialist Anil Ambani, was arrested on Friday night by the Enforcement Directorate (ED) in connection with a money laundering case. Pal was subsequently produced before a Delhi court on Saturday, October 11, 2025, and remanded to two days of ED custody. The arrest falls under the provisions of the Prevention of Money Laundering Act (PMLA).
Allegations of Fake Bank Guarantees and Spoofed Domains
The ED's investigation centers on allegations that Pal played a pivotal role in orchestrating and submitting a fraudulent bank guarantee worth over ₹68 crore to the Solar Energy Corporation of India (SECI), a public sector undertaking under the Ministry of New and Renewable Energy. Officials stated that Pal, who has served as CFO at Reliance Power for more than seven years, allegedly used spoofed email domains to make the forged instruments appear genuine.
These spoofed domains reportedly mimicked those of major commercial banks, including addresses like 'sbi.17313@s-bi.co.in', 'Indiabank.in', 'Indusindbank.in', 'pnbIndia.in', 'psdbank.co.in', 'siliguripnb.co.in', 'lobbank.co.in', and 'unionbankofIndia.co.in', by employing single-character swaps or minor textual alterations. Furthermore, the probe agency indicated that Pal approved releases and facilitated paperwork via Telegram or WhatsApp, bypassing standard official procedures.
Broader Investigation and Associated Entities
The alleged fraud also involved a bank guarantee purportedly issued by 'FirstRand Bank' in Manila, Philippines, despite the non-existence of such a branch. A key player in the alleged scheme, Biswal Tradelink, an Odisha-based entity, was found to exist only on paper with no credible bank guarantee track record. The director of Biswal Tradelink, Partha Sarathi Biswal, is already in judicial custody.
This arrest is part of a wider ED investigation into the Anil Ambani group of companies, which includes Reliance Power, concerning alleged financial irregularities and a broader bank loan fraud case that some reports link to a ₹17,000 crore or ₹3,000 crore fraud involving Yes Bank.
Next Steps in the Legal Process
Following his arrest and remand, Pal will remain in ED custody for further questioning. His next court hearing is scheduled for Monday. The ongoing investigation aims to uncover the full extent of the alleged money laundering and fraudulent activities.
8 Comments
Matzomaster
While the ED's action sends a strong message against corporate malfeasance, the frequent association of such cases with larger political narratives often makes it difficult to assess the purely legal merits without bias.
Karamba
Typical government overreach, creating headlines instead of real change.
Matzomaster
Excellent work by the authorities. No one should be above the law.
Rotfront
About time these financial irregularities were exposed. Keep digging!
Michelangelo
PMLA is often misused. Let's see if this holds up.
paracelsus
Finally, some real accountability for corporate fraud. Good job, ED!
eliphas
It's good to see authorities cracking down on alleged money laundering, but the broader implications for the Anil Ambani group and the banking sector suggest a systemic issue that needs more than just individual arrests.
anubis
The allegations of spoofed domains highlight a serious vulnerability in financial security protocols, yet we must also question how such a large sum could be processed without more robust checks in the first place.