ED arrests Reliance Group executive in money laundering case.
The ED is probing Anil Ambani’s group over multi-crore bank fraud, intensifying scrutiny on the company’s financial dealings.
ED Arrests Reliance Power CFO in Money Laundering Probe
New Delhi:
The Enforcement Directorate (ED) has arrested a senior executive of businessman Anil Ambani’s Reliance Group under the anti-money laundering law, officials confirmed on Saturday.
Ashok Pal, the Chief Financial Officer (CFO) of Reliance Power, was taken into custody on Friday under the provisions of the Prevention of Money Laundering Act (PMLA). Pal’s arrest comes amid the ED’s ongoing investigation into alleged financial irregularities and bank fraud linked to the group.
The Enforcement Directorate has been scrutinizing the Anil Ambani group of companies over several multi-crore bank fraud cases. Sources familiar with the matter said that the probe is focused on tracing the flow of funds and uncovering possible violations of financial and banking regulations.
While details of the alleged transactions have not been fully disclosed, the development signals a deepening of regulatory and legal pressure on the group, which has been under the scanner for its financial dealings in recent years.
ED officials indicated that the investigation is ongoing and that further action may be taken against other executives or entities connected to the Reliance Group, depending on the findings.
This arrest adds to the mounting challenges for the Anil Ambani-led businesses, which have faced both operational and legal hurdles in the past decade, and underscores the government’s focus on tackling high-value financial fraud and money laundering.
The Enforcement Directorate has not commented further on the specifics of the alleged fraud or the duration of Pal’s custody, as the probe continues.