CFO of Reliance Power Arrested Amid Fake Bank Guarantee Scandal

Reliance Power has announced the immediate resignation of its Executive Director and Chief Financial Officer, Ashok Kumar Pal, following his arrest by the Enforcement Directorate (ED) under charges related to the Prevention of Money Laundering Act (PMLA). The arrest, which took place on October 10, 2025, is part of an ongoing investigation into a case involving alleged fake endorsements of a bank guarantee, uncovered on October 16, 2024.

The company, asserting its stance as a victim of fraud, forgery, and conspiracy, lodged a complaint with the Economic Offence Wing of Delhi Police, leading to a First Information Report (FIR) registered on November 11, 2024. Despite media speculations, Reliance Power clarified that Anil D. Ambani has had no role in the company for over three years and is not linked to the case in any manner.

As legal proceedings unfold, a Special Judge has granted the ED two days' custody of Pal, who is to appear in Patiala House Court. Reliance Power, meanwhile, assures it will take all necessary legal steps, as recommended, to navigate through the allegations and safeguard its interests against the fraudulent activities.

(With inputs from agencies.)