New Delhi, October 11, 2025: The Enforcement Directorate (ED) has arrested Ashok Pal, Chief Financial Officer (CFO) of Reliance Power, the flagship company of industrialist Anil Ambani, in connection with a ₹68 crore alleged fake bank guarantee and money laundering case. According to sources, Pal was taken into custody on Friday night under the Prevention of Money Laundering Act (PMLA). He is expected to be produced before a special court on Saturday, where the ED will seek remand for interrogation.
The case pertains to a ₹68.2 crore bank guarantee submitted by Reliance Power’s subsidiary, Reliance NU BESS Limited, to the Solar Energy Corporation of India Limited (SECI). Initial investigations revealed that the bank guarantee was fraudulent. Reliance NU BESS, formerly known as Maharashtra Energy Generation Limited, has been implicated in the issuance of these fake guarantees. The ED has alleged that Biswal Tradelink, an Odisha-based company, was running a business dealing in counterfeit bank guarantees.
FCRF Launches CCLP Program to Train India’s Next Generation of Cyber Law Practitioners
In August 2025, the ED conducted raids on the premises of Biswal Tradelink and its promoters. During the operation, the company’s Managing Director, Partha Sarathi Biswal, was arrested. The investigation traces back to a FIR filed by Delhi Police’s Economic Offences Wing (EOW) in November 2024, which alleged that the company issued fake bank guarantees for an 8% commission.
Preliminary ED investigations revealed that Biswal Tradelink used an email domain, s-bi.co.in, closely resembling SBI’s official domain, sbi.co.in, to send fraudulent communications to SECI. The probe also uncovered that the company generated fake bills for commission purposes and conducted multi-crore transactions through multiple hidden bank accounts.
The entity has been described as a “paper company”, with its registered office located at the residential property of a relative of Biswal. During ED raids, no company records were found on-site, highlighting the lack of any real operational presence.
The Reliance Group had previously stated that Reliance Power was a victim of fraud and deception. A spokesperson noted that the company had informed the stock exchanges on November 7, 2024, and filed a complaint with Delhi Police’s EOW in October 2024 against the third-party company involved. The group emphasized that legal proceedings are underway in accordance with due process.
According to ED officials, the investigation has revealed that Biswal Tradelink sent fraudulent documents to SECI using a domain mimicking the official SBI email system, emphasizing the sophistication of the deception. Officials are also examining the flow of funds and the network behind the fake bank guarantees to ascertain the full extent of the money laundering operations.
Experts say this case underlines the need for stronger internal controls and financial monitoring mechanisms within companies and financial institutions. With the rapid growth of digital and online banking, such fraudulent schemes are becoming increasingly sophisticated.
The case carries significant financial and reputational implications, not only for Reliance Power but also for investor confidence and market integrity. It sends a strong message that regulatory authorities will take stringent action against corporate officers, regardless of their position, if they are involved in fraudulent financial activities.
Financial analysts highlight that cases involving fake bank guarantees and money laundering necessitate vigilant oversight, timely reporting, and robust regulatory enforcement. The ED’s swift action is intended to curb such malpractices and safeguard the financial system from large-scale fraud.
As the investigation progresses, authorities are focusing on tracking the flow of funds, identifying all beneficiaries, and strengthening mechanisms to prevent such financial crimes in the future, reinforcing India’s commitment to combating corporate financial fraud.
