Reliance Power CFO arrested in ₹68.2cr money laundering case
Ashok Pal, CFO of Reliance Power, was arrested by the Enforcement Directorate (ED) for alleged involvement in a ₹68.2 crore money laundering scheme.
The scam centers around a fake bank guarantee submitted by Reliance NU BESS Limited (a Reliance Power subsidiary) to the Solar Energy Corporation of India.
The guarantee was reportedly arranged through Biswal Tradelink, an Odisha-based company accused of creating fake guarantees for commission.
ED's investigation reveals shell company with hidden bank accounts
The ED found that Biswal Tradelink used a lookalike State Bank of India email domain to make their fake guarantees seem real.
This all came to light after Delhi Police's Economic Offences Wing filed an FIR back in November 2024.
Investigators discovered Biswal Tradelink was basically a shell company with hidden bank accounts and suspicious transactions.
Pal's arrest followed questioning; he'll be presented before a special court soon.
Meanwhile, Reliance Group says it's actually the victim here and has filed its own complaint against those behind the scam.
The investigation is still ongoing.