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Enforcement Directorate arrested Reliance Power CFO Ashok Kumar Pal, labeling him a 'principal architect' of a money laundering scheme involving fake bank guarantees worth Rs. 68.20 crores. Pal allegedly orchestrated sham transactions and integrated forged documents into a tender process for Reliance NU BESS. The company stated it is a victim of fraud and has suspended Pal pending investigation.
Mumbai: The Enforcement Directorate (ED) while seeking Ashok Kumar Pal, Chief Financial Officer of Reliance Power Limited had termed him as the one of the ‘principal architects' of the money laundering scheme.
The ED had arrested Pal on Friday for allegedly orchestrating a fake bank guarantees of Rs.68.20 crores for Reliance NU BESS in the connection with a bid floated by the Solar Energy Corporation of India.
According to the ED's remand application filed before a special court, Pal played a “conscious and deliberate role” in sustaining the conspiracy, layering sham transactions and attempting to integrate forged documents into the tender process. ‘… his central role in funding, execution and concealment clearly establishes him as a key conspirator and active participant in the money laundering operations carried out by the Reliance Group,” the remand application reviewed by ET reads.
Pal's counsel, advocate Vijay Aggarwal told ET that the case won't stand judicial scrutiny. “….ED has made complainant an accused and have investigated the matter after filing of prosecution complaint against the persons who did forgery and without court permission has arrested senior professional who was cooperating with investigation. This will not stand judicial scrutiny,” he told ET.
The special court has granted custody till Monday.
The agency alleged that Pal facilitated bogus transactions between Rosa Power Supply Company Limited and Biswal Tradelink Pvt Ltd, using fake invoices and forged work orders to show payments for transportation services that were never rendered. On August 7, 2024, Rosa Power allegedly transferred ?2.14 crore to Biswal Tradelink against an invoice referencing a work order issued two weeks later — a document investigators say was fabricated and bore a forged signature.
The ED said Pal's instructions led to the preparation of multiple false invoices to divert funds from Rosa Power for arranging forged bank guarantees. The fictitious contract was eventually terminated in November 2024 after it was found that no services had been provided.
Investigators further alleged that after SECI discovered that the BG and its endorsements and SFMS confirmations submitted by the company were fake, Pal was directly involved in preparing a forged bank guarantee purportedly issued by FirstRand Bank, Manila, using the same fake BG number. He allegedly coordinated with intermediaries and other accused, including Partha Sarathi Biswal and Amar Nath Dutta, to issue fresh forged endorsements and confirmations using the same fake guarantee number.
The agency also accused Pal of signing a forged joint venture agreement on behalf of Maharashtra Energy Generation Limited with a front company, Alive Rizing Kolkata Trading, despite evidence showing he was not in Kolkata on that date. WhatsApp chats recovered from co-accused phones allegedly showed Pal instructing changes to the forged bank guarantee draft, including altering the issuer's details to a fictitious bank branch.
“These actions clearly establish that he is the mastermind behind the entire scheme of operations whereby forged bank guarantees and endorsements were submitted to SECI,” the ED said in its remand plea, adding that his conduct “demonstrates conscious and deliberate participation in layering sham transactions and integrating forged documents into the tender process.”
Pal was arrested in New Delhi on October 10, 2025, after due compliance with Section 19 of the PMLA. His wife and the company's CEO were informed of the arrest, officials said.
The ED described the alleged offence as a “grave economic crime against the nation's financial system,” arguing that custodial interrogation was essential to unearth the full extent of the laundering operation and identify others
Reliance Power in a statement to the exchanges on Friday said that the Company and its subsidiaries acted bonafidely and are a victim of fraud,forgery and cheating conspiracy.
“….In this matter, Shri Ashok Kumar Pal, Executive Director and Chief Financial Officer(CFO) of theCompany has been arrested by ED in the night of October 10, 2025 under Section 19 of PMLA,2002. He was produced before the Court today morning and ED has been granted two days' custody.Pending the ongoing matter and in order to assist the investigation, Shri Ashok Kumar Pal hasthe office of Executive Director and CFO with immediate effect. The formal letter will follow and the requisite disclosure will be made.We also wish to clarify on the media reports that Mr. Anil D. Ambani is not on the Board of Reliance Power Limited for more than 3.5 years and is not concerned with this matter in any manner. The Company will take all appropriate steps in the matter, as legally advised,” the statement reads.
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Source: EconomicTimes
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