NEW DELHI: The ED late on Friday arrested Reliance Power’s chief financial officer Ashok Pal after questioning him at its headquarters here in a case of fake bank guarantee. He was produced before a court here on Saturday and remanded in two days of ED custody. Pal, the CFO of Reliance Power Limited (RPL), an Anil Ambani Reliance group company, has been taken into custody in an ongoing money laundering probe related to banking fraud against Ambani and his group entities. “The degree of fraud can be gauged from the fact that Reliance Power group submitted a bank guarantee from FirstRand Bank, Manila, Philippines. The fact is that there exists no branch of FirstRand Bank in the Philippines,” sources said.

RPL, its top execs accused of alleged diversion of funds

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