Reliance Power on Saturday issued a statement following the arrest of its executive director and chief financial officer (CFO) Ashok Kumar Pal. In the statement, the company -- part of the Reliance Group -- said that Anil Ambani had not been on its Board for more than three years and that he was "not concerned with this matter in any manner." Reliance Power further said it would take appropriate steps in the case "as legally advised." Pal was arrested by the Enforcement Directorate (ED) on Friday night in connection with a bank loan fraud case.
The ED is probing companies linked to the Anil Ambani-led Reliance Group in connection with several multi-crore bank fraud cases.Following the arrest, the company said in an exchange filing that Pal has stepped down from his position as Executive Director and CFO with immediate effect. A formal letter will follow and the requisite disclosure will be made, RPower further said.
According to reports, the case involves the issuance of a Rs 68.2 crore bank guarantee allegedly submitted to the Solar Energy Corporation of India (SECI) on behalf of Reliance NU BESS, a subsidiary of Reliance Power. However, the guarantee was found to be “fake”.
The Enforcement Directorate’s latest action against Anil Ambani follows a significant development involving the State Bank of India (SBI), which recently declared Ambani and his company, Reliance Communications (RCom), as ‘fraud’. Acting under the Reserve Bank of India’s guidelines on fraud risk management, SBI flagged both the promoter and the company on June 13, 2025, based on its internal policy.