The Chief Financial Officer (CFO) of Reliance Power, Ashok Pal, who was taken into custody by the Directorate of Enforcement (ED) on Friday night in connection with an alleged fake bank guarantee case, was produced before the concerned magistrate on Saturday, who remanded him in two-day ED custody, sources said.
File Photo: IANS
The Chief Financial Officer (CFO) of Reliance Power, Ashok Pal, who was taken into custody by the Directorate of Enforcement (ED) on Friday night in connection with an alleged fake bank guarantee case, was produced before the concerned magistrate on Saturday, who remanded him in two-day ED custody, sources said.
Pal will now be produced before the PMLA court on Monday, October 13, the sources said.
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The ED arrested him on Friday night following questioning by officials of the agency in connection with an alleged money laundering case linked to the issuance of a fake bank guarantee.
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It is alleged that Pal was involved in submitting a bogus bank guarantee for over Rs 68 crores to SECI (Solar Energy Corporation of India Limited) with the intention of duping the public sector undertaking (PSU).
It is also alleged that he played a crucial role in planning, supervising, funding, and concealing the forged bank guarantee scheme in the SECI tender.
Reliance Power is a listed company in which the public holds over 75 per cent of the shares.
A board resolution empowered him (and others) to finalise, approve, sign, and execute all documents related to SECI’s BESS tender, and to use RPL’s financial credentials for the bid.
Sources say that he played a key role in selecting Biswal Tradelink Pvt Ltd (BTPL) to furnish the fake bank guarantee.
BTPL is a small entity, said to be operating from a residential address, with no credible BG track record or vendor diligence, and was involved in executing a non-genuine BG.
Notably, BTPL Director Partha Sarathi Biswal is already in judicial custody, the sources said.
The money was allegedly sent through fake transport invoices worth crores, and the accused had approved releases and facilitated paperwork through communication platforms outside the normal SAP/vendor master workflow.
It is also alleged that Pal was involved in using the services of a fake BG racket, which employed bogus and spoofed domains of commercial banks in the country.
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