The Enforcement Directorate on Friday evening arrested Reliance Energy CFO Ashok Kumar Pal, a prime aide to Anil Ambani, in reference to a cash laundering probe tied to the alleged ₹17,000-crore ADA Group mortgage fraud.
Pal, who serves as Govt Director and Chief Monetary Officer of Reliance Energy Ltd, was taken into custody from the ED’s Delhi workplace beneath the Prevention of Cash Laundering Act (PMLA). He’s anticipated to be produced earlier than a Delhi court docket at 9:30 AM on Saturday.
In response to the ED, Pal performed a “central position” in orchestrating a fraudulent financial institution assure value over ₹68 crore, submitted to the Photo voltaic Power Company of India (SECI). The assure was a part of a broader racket involving pretend invoicing, bogus firms, and spoofed e-mail domains, all aimed toward presenting solid monetary devices as reputable.
Investigators allege Pal facilitated the appointment of Biswal Tradelink Pvt Ltd — a agency with no credible background — to problem the pretend assure. The ED claims this was a part of a scheme to divert public funds from a listed firm, the place over 75% of shares are held by the general public.
Pal’s arrest is a key improvement within the bigger probe into the Anil Dhirubhai Ambani (ADA) Group, which is being investigated for in depth monetary irregularities. In August, the ED raided 35 places in Mumbai, masking 50 firms and 25 people linked to the ADA Group.
That very same month, Anil Ambani was summoned by the ED for questioning within the case. The investigation stems from allegations that Sure Financial institution, beneath then-CEO Rana Kapoor, channeled massive loans into burdened ADA Group firms — loans now beneath scrutiny for fraud.
Parallel to the ED’s probe, the Central Bureau of Investigation (CBI) has filed chargesheets in two corruption circumstances involving Kapoor and Ambani, accusing the duo of conspiring to divert public funds to financially unstable ADA entities.
