ED arrests Reliance Power CFO over Rs 68 crore fake bank guarantee

The Enforcement Directorate (ED) arrested Ashok Kumar Pal, CFO of Reliance Power, in a money laundering probe linked to a purported Rs 68.2 crore fake bank guarantee submitted to SECI. 

Reliance Power said the company and its subsidiaries were victims of fraud and forgery. The firm confirmed Pal has stepped down to assist the probe and noted that Anil D. Ambani has not been on the board for over three years and is not connected to the case.

The guarantee was submitted for Reliance NU BESS Limited, formerly Maharashtra Energy Generation Limited. The ED identified Odisha-based Biswal Tradelink as the firm allegedly issuing the forged guarantee. Searches in August 2025 led to the arrest of Biswal Tradelink’s MD, Partha Sarathi Biswal.

The probe traces to a November 2024 FIR filed by Delhi Police’s Economic Offences Wing alleging fake guarantees issued for an 8 per cent commission. ED investigators say the accused used a spoof email domain resembling SBI’s and created forged communications to SECI. They also found alleged fake commission bills and transactions routed through undisclosed accounts. The firm’s registered office was a residential address where no company records were recovered.