Sat Oct 11 04:44:22 UTC 2025: Here’s a news article summarizing the provided text:

**Reliance Power CFO Arrested in ₹68 Crore Fake Bank Guarantee Scam**

**New Delhi, October 11, 2025** – Ashok Pal, Chief Financial Officer (CFO) of Reliance Power, was arrested late Friday night by the Enforcement Directorate (ED) in connection with an alleged fake bank guarantee scam worth ₹68 crore. The arrest follows questioning at the ED’s Delhi office under the Prevention of Money Laundering Act.

A special court has granted the ED two days of custody for Pal, who will reappear before the court on Monday. The ED alleges that Pal played a crucial role in diverting funds from Reliance Power Limited (RPL), a publicly listed company.

The investigation centers around a Solar Energy Corporation of India (SECI) Battery Energy Storage System tender. The ED claims Pal submitted a bogus bank guarantee of over ₹68 crore to SECI, intending to defraud the organization. He is accused of planning, supervising, funding, and concealing the scheme.

The ED alleges Pal selected Biswal Tradelink Pvt. Ltd. (BTPL), a small entity with no prior credible BG track record, to provide the fake guarantee. BTPL director, Partha Sarathi Biswal, is already in judicial custody for alleged diversion of money through fake transport invoices. The ED claims Biswal played a crucial role in getting the fake BG racket which uses fake and spoofed domains of Indian commercial banks of India.

“The fake BG racket used by Mr. Ashok Pal also uses lookalike bank domains such as lndianbank.in, lndusindbank.in, pnblndia.in, psdbank.co.in, siliguripnb.co.in, Iobbank.co.in and unionbankoflndia.co.in, each employing single-character swaps (notably ‘l’ in place of ‘i’) or minor textual tweaks intended to visually pass as official. The sole utility of these domains is to impersonate banks in emails/letters, thereby projecting forged instruments as genuine,” said a source from ED.

Reliance Group maintains that Reliance Power is a victim of fraud, forgery and cheating conspiracy in this case. A group spokesperson stated that a criminal complaint was lodged with Delhi Police’s Economic Offences Wing (EOW) in October 2024 against the third-party accused company, and the due process of law is underway.

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