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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J&K CM Abdullah inaugurates upgraded hospital, key road link during Rajouri visit
Nowshera/Jammu (PTI): Chief Minister Omar Abdullah on Monday inaugurated a vital upgraded road and a 100-bedded sub-district hospital during his visit to the border belt of Nowshera in Rajouri district, emphasising that public office is a responsibility to serve the people and improve their quality of life.
The chief minister received a rousing welcome on his arrival, with people lining both sides of the road, showering flower petals.
Soon after he arrived in Nowshera, Abdullah inaugurated a vital road link from the highway bridge to Nowshera town and the 100-bedded sub-district hospital during his tour of the area.
The visit of the chief minister, along with his cabinet colleagues, marked a major push towards strengthening connectivity and healthcare infrastructure in the region.
The upgraded road project, executed by the PWD department for Rs 7.99 crore, is expected to significantly improve connectivity, streamline traffic movement and reduce travel time for commuters, officials said.
The chief minister also inaugurated the upgraded 100-bedded sub-district hospital, developed at an estimated cost of Rs 18.18 crore. The facility is equipped with modern healthcare infrastructure aimed at enhancing patient care and expanding access to quality medical services for the people of Nowshera and adjoining areas, they said.
During his visit, Abdullah took a detailed tour of the hospital and inspected key sections, including X-ray, ECG and ultrasound rooms, examination rooms, and the blood storage unit. He interacted with doctors, staff and patients, enquiring about the availability and quality of healthcare services.
Addressing a massive public gathering, Abdullah emphasised that public office is a responsibility to serve the people and improve their quality of life.
"Positions of power are not meant for personal comfort but to bring relief to the people and make their lives easier. Our priority is to strengthen schools, hospitals, roads, and address unemployment and poverty," he said.
He highlighted key initiatives aimed at boosting connectivity, healthcare and overall socio-economic growth in Rajouri and adjoining areas.
Interacting with the public, he assured that the voices and aspirations of the people of the Pir Panjal region would continue to guide policy decisions and drive responsive governance on the ground.
The chief minister reiterated the government’s commitment to regularising daily wagers and ensuring justice for Anganwadi and ASHA workers through improved wages and stipends.
He also highlighted various welfare initiatives, including the provision of free gas cylinders to the poorest households, electricity support and free bus travel for women.
Highlighting recent developmental achievements, he noted that projects like the Nowshera road and hospital, which had remained pending for years, were completed due to the focused efforts of the present government.
Speaking on the occasion, Deputy Chief Minister Surinder Choudhary said that key infrastructure projects in the region have been realised under the leadership of the chief minister, reaffirming the government's commitment to balanced and equitable development across Jammu and Kashmir.
