ED Arrests Reliance Power CFO Over Bank Loan Fraud Allegations

The Enforcement Directorate (ED) arrested Reliance Power Limited CFO Ashok Kumar Pal in connection with a Rs 3,000 crore bank loan fraud linked to Reliance Anil Dhirubhai Ambani Group companies. Pal allegedly orchestrated fund diversion using bogus bank guarantees, fake invoices, and manipulated SECI’s BESS tender. Investigations revealed his role in selecting a fake company, Biswal Tradelink Pvt Ltd, and using spoofed bank domains to defraud. The probe covers loans disbursed by Yes Bank between 2017–2019, including potential quid pro quo or bribes. Reliance Power clarified it is independent of RCOM and RHFL, with no impact on its governance or operations.