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

According to sources, Pal was taken into custody late on Friday night following several hours of interrogation at the ED’s Delhi office.

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Key points generated by AI, verified by newsroom
  • Reliance Power CFO arrested for fake bank guarantees.
  • Allegations include forging financial documents and fund diversion.
  • Probe details fake guarantee from non-existent bank branch.

The Enforcement Directorate (ED) has arrested Ashok Kumar Pal, Chief Financial Officer (CFO) of Reliance Power Limited (RPL), in connection with an alleged case of fake bank guarantees, forged invoicing, and diversion of company funds.

Pal Taken Into Custody

Officials confirmed that Pal was taken into custody late on Friday night following several hours of interrogation at the ED’s Delhi office. Sources said the arrest stems from Pal’s alleged “crucial role” in the diversion of corporate funds and submission of forged financial documents while serving as CFO of the publicly listed company, in which the public holds more than 75 per cent of the shares, ANI reported.

Fake Bank Guarantee Worth Rs 68 Crore

The investigation centres around a fraudulent bank guarantee (BG) of over Rs 68 crore submitted to the Solar Energy Corporation of India (SECI) for a Battery Energy Storage System (BESS) tender.

According to officials, Pal had been authorised by a board resolution to finalise, approve, and execute documents on behalf of Reliance Power for the SECI bid. In that capacity, he allegedly conspired to submit a fake bank guarantee with the intent to defraud the public sector undertaking.

Bogus Guarantee From Non-Existent Bank Branch

The ED’s probe found that the forged guarantee was purportedly issued in the name of FirstRand Bank, Manila, Philippines, a location where the bank has no operational branch.

Investigators said the guarantee was arranged through Biswal Tradelink Pvt Ltd (BTPL), a small firm registered at a residential address and lacking any credible history in providing such financial instruments.

BTPL director Partha Sarathi Biswal, who is already in judicial custody, allegedly assisted in preparing and executing the forged guarantee.

Fake Invoices And Messaging App Transactions

Officials further alleged that Pal approved fake transport invoices worth several crores, which were used to facilitate fund diversion. Payments and related documentation were reportedly processed via Telegram and WhatsApp, bypassing the company’s official SAP and vendor master systems.

Spoofed Bank Domains Used In Fraud

The ED also uncovered a fake bank guarantee racket operating through spoofed email domains designed to resemble those of major Indian banks.

Some examples include domains such as “s-bi.co.in” instead of the genuine “sbi.co.in”, with similar lookalike domains used to impersonate Indian Bank, IndusInd Bank, and Punjab National Bank.

Broader Conspiracy Alleged

According to officials, Pal’s actions are part of a wider criminal conspiracy involving the use of forged instruments and fraudulent communication networks to deceive public institutions and misappropriate funds from a listed company.

About the author ABP Live Business

ABP Live Business is your daily window into India’s money matters, tracking stock market moves, gold and silver prices, auto industry shifts, global and domestic economic trends, and the fast-moving world of cryptocurrency, with sharp, reliable reporting that helps readers stay informed, invested, and ahead of the curve.

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