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Reliance Power Ltd on Saturday said its Executive Director and Chief Financial Officer (CFO) Ashok Kumar Pal has resigned from his post after being arrested by the Enforcement Directorate (ED) in connection with an ongoing money laundering investigation linked to an alleged fake bank guarantee case.

In a regulatory filing to the BSE and NSE, the Anil Ambani Group company said Pal was arrested by the ED on the night of October 10 under Section 19 of the Prevention of Money Laundering Act, 2002. He was produced before a special court on Saturday morning, which granted the ED two days of custody for further questioning.

Reliance Power said Pal has “demitted the office of Executive Director and CFO with immediate effect” to assist

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