CFO Arrested in Reliance Power Bank Guarantee Fraud
The Enforcement Directorate has arrested Ashok Pal, CFO of Reliance Power, in a money laundering case involving a fake Rs 68 crore bank guarantee. Linked to Biswal Tradelink, the scheme was meant for a SECI project. Reliance claims to be a fraud victim, having disclosed the incident to authorities.
- Country:
- India
The Enforcement Directorate has taken into custody Ashok Pal, the Chief Financial Officer of Reliance Power, amid a money laundering investigation. The arrest stems from allegations related to a purportedly fake bank guarantee valued at Rs 68 crore, sources confirmed on Saturday.
The besieged executive faces accusations linked to a guarantee submitted to Solar Energy Corporation of India Limited, representing Reliance NU BESS Limited. Further complicating the case, sources uncovered the issuance involved Biswal Tradelink and their supposed fraudulent practices. This issue has put Reliance Power in a controversial spotlight, asserting they were defrauded.
Legal proceedings have been set in motion, with Pal remanded to the Enforcement Directorate's custody for two days. As the investigation unfolds, Reliance Group maintains its stance as a conspiracy victim, having alerted authorities and lodged complaints against involved third parties for their fraudulent dealings.
(With inputs from agencies.)
Google News