Reliance Power CFO arrested

The Enforcement Directorate (ED) late on Friday evening arrested Ashok Kumar Pal, Chief financial officer (CFO) of M/s Reliance Power Limited anda close aide of businessman Anil Ambani in connection with the alleged money laundering probe linked to Rs 68.2 crore fake bank guarantee racket.

- Charul Shah Joshi

Pal was presented before the special court, Delhi. ED sought Pal’s custody for at least five days for interrogation but was been given two days. ED has claimed that Pal was directly involved in the forged Bank Guarantee scheme.

Reliance Power in a statement released on Saturday evening said , “the Company and its subsidiaries acted bonafidely and are a victim of a fraud, forgery and cheating conspiracy.” The company said Pal has demitted the office of Executive Director and CFO with immediate effect. The company also clarified that Anil Ambani has not been on the Board of Reliance Power Limited for more than three and a half years and is not connected with this matter in any manner.