Arrests in Fake Bank Guarantee Money Laundering Case
The Enforcement Directorate arrested Ashok Kumar Pal, Reliance Power's executive director and CFO, in a money laundering case linked to fake bank guarantees worth Rs 68 crore. The investigation involves multiple parties, including Odisha-based Biswal Tradelink, for issuing fraudulent documents to the Solar Energy Corporation of India.
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The Enforcement Directorate (ED) has arrested Ashok Kumar Pal, the executive director and Chief Financial Officer of Reliance Power, a company under Anil Ambani's group, for a money laundering case involving a fake bank guarantee of Rs 68 crore.
Pal was taken into custody following questioning and has resigned from his position with immediate effect, confirmed Reliance Power in a stock exchange filing. He was presented before a magistrate and placed under two days of ED custody, with further proceedings set for October 13 in a special PMLA court.
The investigation revealed a fake bank guarantee of Rs 68.2 crore submitted on behalf of Reliance NU BESS Limited to the Solar Energy Corporation of India, linked to a scheme operated by Odisha-based Biswal Tradelink. The ongoing probe details deceptive practices, including using a fake email domain resembling the State Bank of India for the fraudulent scheme.
(With inputs from agencies.)
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