Ashok Kumar Pal, a senior official at Reliance Power and close associate of businessman Anil Ambani, was taken into custody by the Enforcement Directorate (ED) on Friday evening in relation to the money laundering probe associated with the ADA group.
Pal was detained in accordance with the Prevention of Money Laundering Act (PMLA) and serves as the Executive Director and Chief Financial Officer (CFO) of Reliance Power Ltd.After being questioned in the case involving a phony bank guarantee and phony invoiving at the central inquiry agency's Delhi office, the top Reliance Power executive was placed under arrest.
At 9:30 am on Saturday, he will appear before a judge to request his remand.
Pal is accused by the ED of being a key player in submitting a fraudulent bank guarantee of over Rs 68 crore to Solar Energy Corporation of India (SECI), diverting funds through fictitious invoices, and using a fraudulent bank guarantee racket with spoof email domains that mimic major banks like SBI, Indian Bank, PNB, and Union Bank of India to make forged instruments appear genuine.
Pal's company is publicly listed, with over 75% of its shares held by the public.
Additionally, according to the agency, the Anil Ambani aide helped choose Biswal Tradelink Pvt Ltd, a business with no solid reputation, to carry out the phony assurance.
Partha Sarathi Biswal, the director of BTPL, is currently detained by the courts.
According to ED, Pal played a key role in carrying out a conspiracy that embezzled public funds.
Allegations of financial impropriety involving Yes Bank and businesses in the ADA Group, which was once led by business magnate Anil Ambani, are at the center of the ADA case.
According to the agency, Anil Ambani and Reliance Group companies were complicit in a loan fraud case worth Rs 17,000 crore.
Ambani had been called in for interrogation by the CBI in August as part of the ongoing investigation.
The inquiry by the ED comes after searches were carried out in August at 35 sites in Mumbai, including 50 businesses and 25 people connected to the organization under the PMLA.
