Anil Ambani aide and Reliance Power executive arrested by ED

Core Viewpoint - The Enforcement Directorate has arrested the CFO of Reliance Power in connection with a money laundering case involving a fake bank guarantee of ₹68 crore [1][4]. Group 1: Arrest and Investigation - The CFO, Ashok Pal, was arrested under the Prevention of Money Laundering Act after being questioned by the Enforcement Directorate [3]. - He is expected to be presented in a special court where the agency will seek his remand for custodial interrogation [3]. Group 2: Details of the Case - The case involves a bank guarantee of ₹68.2 crore submitted to the Solar Energy Corporation of India Limited on behalf of Reliance NU BESS Limited, a subsidiary of Reliance Power, which was found to be fake [4]. - The accused company, identified as Odisha-based Biswal Tradelink, allegedly operated a scheme for providing fake bank guarantees [4][5]. Group 3: Role of the CFO - Ashok Pal played a crucial role in the diversion of funds, being empowered by the company board to finalize and approve documents for the SECI's BESS tender [5]. - He allegedly approved releases and facilitated paperwork through internet-based communication platforms, bypassing normal workflows [9]. Group 4: Background of the Fraud - The investigation revealed that the company submitted a bank guarantee from a non-existent branch of FirstRand Bank in Manila, Philippines [6]. - The money laundering case originated from a November 2024 FIR filed by Delhi Police's Economic Offences Wing, alleging the issuance of fake bank guarantees for an 8% commission [6]. Group 5: Company’s Defense - Reliance Group claimed that Reliance Power was a victim of fraud and had made necessary disclosures to the stock exchange regarding the case [7]. - A criminal complaint was lodged against the accused company with Delhi Police's EOW in October 2024 [7].