ED arrests Reliance Power CFO in 'fake' bank guarantee-linked PMLA case
New Delhi (PTI): The Enforcement Directorate (ED) has arrested the CFO of industrialist Anil Ambani's group company Reliance Power in a money laundering case linked to issuance of an alleged fake bank guarantee of Rs 68 crore, official sources said on Saturday.
Ashok Pal was taken into custody on Friday night under the provisions of the Prevention of Money Laundering Act (PMLA) after he was questioned by the agency, they said.
He will be produced before a special court on Saturday and the agency will seek his remand for custodial interrogation, according to the sources.
The case pertains to a bank guarantee of Rs 68.2 crore submitted to the Solar Energy Corporation of India Limited (SECI) on behalf of Reliance NU BESS Limited, a subsidiary of Reliance Power, which was found to be "fake".
The company was formerly known as Maharashtra Energy Generation Limited.
The accused company, which allegedly operated a racket for providing "fake" bank guarantees for business groups, was identified by the ED as Odisha-based Biswal Tradelink.
As part of the investigation, the ED carried out searches against the company and its promoters in August and arrested its Managing Director, Partha Sarathi Biswal.
The money laundering case stems from a November 2024 FIR of Delhi Police's Economic Offences Wing (EOW). It was alleged that the company was engaged in issuing "fake" bank guarantees against a commission of 8 per cent.
The Reliance Group had then said that Reliance Power had been a "victim of fraud, forgery and cheating conspiracy" in this case and it had made due disclosures in this context to the stock exchange on November 7, 2024.
A group spokesperson said a criminal complaint was lodged by them against the third party (accused company) with Delhi Police's EOW in October 2024 and the "due process" of law would follow.
The ED sources had said that the Bhubaneswar-based company was using an email domain -- s-bi.co.in -- similar to sbi.co.in to create a "facade" of genuineness that the communication was being sent by the State Bank of India (SBI), the country's largest lender.
The fake domain was used to send "forged" communication to the SECI, they said.
The ED's preliminary investigation, according to the sources, indicated that the company also facilitated "fake" bills for commission and used multiple "undisclosed" bank accounts.
Suspicious transactions worth crores of rupees were done through these bank accounts, they said.
The company is a "mere paper entity" as its registered office is a residential property belonging to a relative of Biswal. No company records were found at the address during the searches, the sources had said.
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Regret participating in 'movement' that vilified ex-PM Manmohan Singh: Prashant Bhushan
New Delhi: Senior advocate and activist Prashant Bhushan has expressed regret over his past role in political movements that, he said, contributed to the vilification of former Prime Minister Manmohan Singh. Bhushan made the remarks in a post on social media on the first death anniversary of Manmohan Singh.
In his post, Bhushan described Manmohan Singh as “a humble, decent, well educated and well meaning man,” adding that the former prime minister’s humility and decency were “seen as a weakness.” He said he regretted having participated in a movement that helped discredit Singh and, in his words, “helped a rogue regime come to power.”
Bhushan’s statement is widely seen as a reference to the anti-corruption movement that gained momentum during the second United Progressive Alliance (UPA) government, when Manmohan Singh was prime minister. The movement, led by civil society activists, had targeted corruption allegations against the government and eventually reshaped India’s political landscape. Critics have since argued that the campaign contributed to undermining Singh’s leadership and paved the way for a change in government at the Centre.
Manmohan Singh, who served as prime minister from 2004 to 2014, was known for his low-profile style, technocratic approach and role in shaping India’s economic reforms.
He was a humble, decent, well educated & well meaning man. His humility & decency was seen as a weakness.
— Prashant Bhushan (@pbhushan1) December 26, 2025
I regret having participated in a movement that vilified him & helped a rogue regime come to power pic.twitter.com/6JWOrdCZdE
