Reliance Power CFO Arrested by ED in Rs 68 Crore Bank Guarantee Fraud Investigation

Oct 16, 2025 08:05 pm CST

The Enforcement Directorate has arrested Ashok Kumar Pal, Executive Director and CFO of Reliance Power Limited, in connection with an alleged Rs 68 crore fake bank guarantee case. Pal has been placed in judicial custody following extensive questioning, with Reliance Power claiming to be a victim of third-party fraud while distancing Anil Ambani from the matter. The arrest follows broader ED investigations into Reliance Group companies.