Reliance Power's CFO arrested in bank guarantee fraud case
Ashok Pal, CFO and Executive Director of Reliance Power, stepped down after being arrested by the Enforcement Directorate (ED) on the night of October 10, 2025.
He's accused of submitting a fake ₹68.2 crore bank guarantee—supposedly from "FirstRand Bank, Manila, Philippines," which doesn't even exist—to the Solar Energy Corporation of India.
The arrest happened under the Prevention of Money Laundering Act, 2002.
Pal will be back in court on October 13
Investigators say Pal approved the forged document and helped divert funds using fake records and invoices.
The court has given the ED two days to question him further. Reliance Power says it acted in good faith and is actually a victim here.
The ED is also looking into fake invoices, spoofed emails, and links to Odisha's Biswal Tradelink Pvt Ltd, whose director is already in custody for similar fraud.
Pal will be back in court on Monday, October 13, as the probe continues.