Delhi: A Delhi court on Saturday sent Ashok Kumar Pal, a senior executive at Reliance Power and a close aide of industrialist Anil Ambani, to two days of Enforcement Directorate (ED) custody in connection with the money laundering probe linked to the ADA Group.
ED arrests Pal over fake bank guarantee case
Pal was arrested on Friday night under the Prevention of Money Laundering Act (PMLA) and produced before a local court. His next hearing is scheduled for Monday.
The ED questioned Pal at its Delhi office regarding alleged involvement in a scheme that included a fake bank guarantee of over ₹68 crore, bogus invoicing, and fraudulent financial instruments. The agency claimed he played a central role in submitting a fake guarantee to Solar Energy Corporation of India (SECI) and diverted funds using spoofed email domains mimicking banks such as SBI, Indian Bank, PNB, and Union Bank of India to make the instruments appear legitimate.
Role in selection of shell company
The ED further alleged that Pal facilitated the selection of Biswal Tradelink Pvt Ltd (BTPL), a company with no credible track record, to execute the fake guarantee. The director of BTPL, Partha Sarathi Biswal, is already in judicial custody. The agency described Pal’s actions as crucial in defrauding public funds.
About the ADA Group case
The ADA case involves allegations of financial misconduct linked to Yes Bank and companies under the ADA Group, formerly headed by Anil Ambani.
The ED has alleged that Ambani and entities under the Reliance Group were involved in a ₹17,000-crore loan fraud case. In August, Ambani was summoned for questioning in connection with the ongoing probe.
The investigation has included searches at 35 locations in Mumbai, covering 50 companies and 25 individuals linked to the group. The Central Bureau of Investigation (CBI) has also filed chargesheets in two corruption cases, alleging that Ambani and other executives conspired to divert public funds from Yes Bank into financially stressed ADA Group companies.
Conclusion
Ashok Kumar Pal’s custodial remand underscores the ongoing intensity of the ED probe into the ADA Group case. Authorities are continuing their investigations into alleged financial irregularities, fake guarantees, and diversion of public funds, with senior executives of Reliance Group entities under scrutiny.