New Delhi: The Enforcement Directorate (ED) has arrested an executive of businessman Anil Ambani’s Reliance Group under the anti-money laundering law, official sources said on Saturday.
Ashok Pal, Chief Financial Officer (CFO) of Reliance Power, was taken into custody under the provisions of the Prevention of Money Laundering Act (PMLA) on Friday, they said.
The ED is investigating the Anil Ambani group of companies in connection with multi-crore bank “fraud” cases.
According to the ED, Pal played a “central role” in orchestrating a fraudulent bank guarantee worth over ₹68 crore, submitted to the Solar Energy Corporation of India (SECI). The guarantee was part of a broader racket involving fake invoicing, bogus companies, and spoofed email domains, all aimed at presenting forged financial instruments as legitimate.
Investigators allege Pal facilitated the appointment of Biswal Tradelink Pvt Ltd — a firm with no credible background — to issue the fake guarantee. The ED claims this was part of a scheme to divert public funds from a listed company, where over 75% of shares are held by the public.
Pal’s arrest is a key development in the larger probe into the Anil Dhirubhai Ambani (ADA) Group, which is being investigated for extensive financial irregularities. In August, the ED raided 35 locations in Mumbai, covering 50 companies and 25 individuals linked to the ADA Group.
That same month, Anil Ambani was summoned by the ED for questioning in the case. The investigation stems from allegations that Yes Bank, under then-CEO Rana Kapoor, channeled large loans into stressed ADA Group companies — loans now under scrutiny for fraud.
Parallel to the ED’s probe, the Central Bureau of Investigation (CBI) has filed chargesheets in two corruption cases involving Kapoor and Ambani, accusing the duo of conspiring to divert public funds to financially unstable ADA entities.
