The Enforcement Directorate (ED) has arrested an official of industrialist Anil Ambani’s Reliance Group under the Anti-Money Laundering Act. Official sources gave this information on Saturday. Reliance Power Chief Financial Officer (CFO) Ashok Pal was detained on Friday under provisions of the Prevention of Money Laundering Act (PMLA), sources said. ED is investigating Anil Ambani group companies in bank “fraud” cases worth crores of rupees.
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According to NDTV report, Reliance Power’s Chief Financial Officer Ashiq Kumal Pal has been arrested. The arrest follows an investigation initiated by the Enforcement Directorate under the Prevention of Money Laundering Act. The investigation was into suspected loan fraud committed by Reliance Home Finance Limited and Reliance Commercial Finance Limited. The investigation is based on two FIRs filed by the Centre.
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Background of this case
On the basis of FIR (No. 0131/2024 dated 11.11.2024), a case was registered by the Economic Offenses Wing of the Enforcement Directorate (ED), Delhi, in connection with a fake bank guarantee racket.
In pursuance of the investigation, searches are being conducted under Section 17 of PMLA at three locations in Bhubaneswar linked to M/s Biswal Tradelink Private Limited and its directors. A property belonging to an associate/operator in Kolkata was also searched.
Information till now:
1. M/s Biswal Tradelink Pvt. Ltd. Ltd. (based in Odisha), its directors and associates have been found involved in issuing fake bank guarantees at 8% commission.
2. Preliminary investigation indicates that the group has also issued fake bills for commission.
3. Many undeclared bank accounts have been detected. Suspicious transactions worth crores of rupees have been found in these bank accounts.
4. The company is only a paper entity – its registered office is a relative’s residential property. No legal company record found at the address.
5. Suspicious financial transactions with several companies have been detected.
6. Key individuals of the group have been found to be using the Telegram application with “disappearing messages” enabled, indicating efforts to hide communications.
7. In a related case, evidence seized earlier (during searches on 24.07.2025 in the case of Anil Ambani group companies) has direct relevance to the present investigation.
8. Bank guarantee of ₹68.2 crore deposited by M/s Reliance NU Base Limited/M/s Maharashtra Energy Generation Limited to Solar Energy Corporation of India Limited (SECI) has been proved to be fake.
9. In an attempt to make this fake bank guarantee appear genuine, the group used a fake email domain. To pretend to be genuine, instead of sbi.co.in, the domain s-bi.co.in was used to send fake messages to SECI impersonating SBI.
10. ED has sought domain registration details of s-bi.co.in from the National Internet Exchange of India (NIXI).