Reliance Power CFO Ashok Kumar Pal Held By ED Over Fake Bank Guarantees, Invoicing Fraud

The Enforcement Directorate (ED) has arrested Ashok Kumar Pal, Chief Financial Officer of Reliance Power Limited, over allegations of fake bank guarantees, forged invoicing, and diversion of company funds. Pal was taken into custody late Friday night after several hours of questioning at the ED’s Delhi office.

Officials stated that the arrest relates to Pal’s alleged “crucial role” in misappropriating corporate funds and submitting falsified financial documents during his tenure as CFO. Reliance Power, a publicly listed company with more than 75 percent public shareholding, is now under scrutiny.

The investigation underscores the ED’s focus on corporate financial fraud and accountability in publicly traded companies.