The Enforcement Directorate (ED) has arrested a top official in Anil Ambani's firm in a money laundering case. Ashok Kumar Pal, CFO and Executive Director in Reliance Power Limited, was arrested in a fake bank guarantee case. "ED arrested Ashok Pal, CFO of Reliance Power yesterday night after questioning in Delhi office in a case of fake bank guarantee. He will be produced before the judge today at 9.30," Enforcement Directorate said in a statement. Pal was appointed as the Chief Financial Officer (CFO) of the Company in January 29, 2023.. He has been associated with Reliance Power for more than 7 years.
This ED case is based on an FIR filed by the Economic Offences Wing (EOW) in 2024, relating to a bogus guarantee submitted to the Solar Energy Corporation of India (SECI), a public sector company under the Ministry of New and Renewable Energy.The ED has claimed that bogus bank guarantee was issued in the name of Reliance NU BESS Limited and Maharashtra Energy Generation Limited, both associated with the Anil Ambani group. A key player in this alleged fraud is Biswal Tradelink, an Odisha-based company, according to the ED. In August, the ED arrested the managing director of Biswal Tradelink, Partha Sarathi Biswal, for allegedly arranging the fake bank guarantees.
The ED claimed that to pass of the "fake bank guarantee" as genuine, the fraudsters used a spoofed email domain to impersonate the State Bank of India (SBI).The group used "s-bi.co.in" in place of the official "sbi.co.in" to communicate with SECI. For the fake bank guarantees, Biswal Tradelink allegedly charged a commission of 8%.The ED probe found that Biswal Tradelink existed only on paper and no statutory company records were found at the registered address.
Meanwhile, shares of Reliance Power jumped over 14% to touch an intraday high of ₹50.73 on Friday, October 10. The surge in the share price is driven by strong trading volumes on stock exchanges. Over 9 crore equity shares changed hands, marking a significant increase from the company’s one-week average trading volumes of 1.42 crore shares. Over the last five trading sessions, Reliance Power shares gained 4.23%. Similarly, the stock further advanced 3.29% in the last month. The scrip zoomed 21.83% over the past six months. On the other hand, the stock also gained 9.03% on a year-to-date basis. The stock touched its 52-week high of ₹76.49 on June 11, 2025, and its 52-week low of ₹31.27 on March 3, 2025. The company’s market capitalisation stands at ₹20,108.12 crore as recorded on October 10.