Reliance Power CFO resigns after arrest by ED in bank fraud case

New Delhi [India], October 11 (ANI): Reliance Power has informed stock exchanges that Ashok Kumar Pal, Executive Director and Chief Financial Officer(CFO) of the Company, who was arrested by ED on the night of October 10 under PMLA, has demitted the office with immediate effect pending investigation.
"We refer to our disclosure dated November 7, 2024 and November 14, 2024 whereby we have informed that the Company had lodged a criminal complaint in the matter of alleged fake endorsement of bank guarantee against EMD (issued by foreign bank), which was arranged by third party, with Economic Offence Wing of Delhi Police against the third party on October 16, 2024, basis on which First Information Report (FIR) has been registered on November 11, 2024," the filing said.
It said the Company and its subsidiaries acted in a bonafide manner "and are a victim of fraud, forgery and cheating conspiracy".
"In this matter, Ashok Kumar Pal, Executive Director and Chief Financial Officer(CFO) of the Company has been arrested by ED in the night of October 10, 2025 under Section 19 of PMLA, 2002. He was produced before the Court today morning and ED has been granted two days' custody," the filing said.
"Pending the ongoing matter and in order to assist the investigation, Ashok Kumar Pal has demitted the office of Executive Director and CFO with immediate effect," it added.
Referring to media reports, the company clarified that Anil D Ambani is not on the Board of Reliance Power Limited for more than 3.5 years and is not concerned with this matter in any manner.
The Company will take all appropriate steps in the matter, as legally advised, it said.
A Special Judge on Friday granted two days' custody of Ashok Kumar Pal, , to the ED. He has been arrested in a case involving a fake bank guarantee. Pal is to be produced in the Patiala House Court on Monday. (ANI)