The Enforcement Directorate (ED) on Friday night arrested Ashok Kumar Pal, Executive Director and Chief Financial Officer of Reliance Power, in connection with a money laundering investigation tied to the Anil Dhirubhai Ambani (ADA) Group. Pal, considered a close associate of Anil Ambani, was detained at the agency’s Delhi office under provisions of the Prevention of Money Laundering Act (PMLA) following an extensive round of questioning.
According to the probe agency, the arrest is linked to a Rs 68-crore fake bank guarantee allegedly submitted to the Solar Energy Corporation of India (SECI). Investigators claimed that Pal played a pivotal role in preparing the forged documents and routing funds through fake invoicing mechanisms. The forged guarantees were allegedly created using spoofed domains resembling major bank, State Bank of India, Punjab National Bank, Indian Bank, and Union Bank of India, to make them appear authentic.
Pal, whose company is a publicly listed entity with a majority public shareholding, will be presented before a special PMLA court on Saturday morning for a custodial hearing.
ED Links Pal To Fraudulent Scheme
The agency alleged that Pal enabled the selection of Biswal Tradelink (BTPL), a company with no credible financial background, to execute the fraudulent guarantee. Partha Sarathi Biswal, BTPL’s director, is already under judicial custody. The ED stated that Pal’s actions were central to a conspiracy “defrauding public money through fake documentation and diversion of funds.”
This case is part of a broader investigation into financial irregularities involving Yes Bank and several firms under the ADA Group, formerly headed by Anil Ambani. The ED has alleged that Ambani and his entities were involved in a Rs 17,000-crore loan fraud, with money allegedly diverted through a complex network of companies.
In August 2025, ED officers searched 35 locations across Mumbai, covering about 50 companies and 25 individuals linked to the group. Ambani was also summoned for questioning as part of the ongoing inquiry.
Parallelly, the Central Bureau of Investigation (CBI) has filed charge sheets in two related corruption cases, accusing Yes Bank founder Rana Kapoor and Ambani of conspiring to channel large public funds into financially distressed ADA Group companies. The CBI alleged Kapoor misused his position to extend undue favours, deepening the financial scrutiny of the group’s operations. |
