After CFO arrest, Reliance Power says it is victim of bank guarantee fraud; says Anil Ambani not on board for over three and a half years

Following the arrest of its chief financial officer Ashok Kumar Pal, Reliance Power Ltd has clarified that Anil Ambani has not been on the company’s board for more than three and a half years and has no involvement in this matter.

“We wish to clarify on the media reports that Anil D. Ambani is not on the Board of Reliance Power Limited for more than 3.5 years and is not concerned with this matter in any manner,” the company said in an exchange filing.

The company added that Reliance Power and its subsidiaries are instead victims of fraud and not complicit in any wrongdoing, despite being involved in the Enforcement Directorate’s (ED) investigation.

“As also informed, the Company and its subsidiaries acted bonafidely and are a victim of fraud, forgery and cheating conspiracy,” the company said in its exchange filing late on Saturday.

Pal, the Executive Director and CFO of Reliance Power, was arrested by the ED on October 10 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002; ED was granted two days’ custody of Pal on Saturday.

In another exchange filing, the company also submitted Pal’s response following his arrest. Pal stated that he was the original complainant in the related FIR, and has resigned from his positions at the company, due to the pendency of the investigation.

“I was the original complainant in FIR bearing No. 131/2024 dated 11.11.2024 registered by EOW, New Delhi. On basis of the said FIR, Enforcement Directorate had registered an ECIR bearing ECIR/STF/14/2025 dated 16.06.2025 wherein I have been arrested on 10.10.2025,” Pal said according to the company statement.

He asserted his innocence and clarified that his resignation is due to his arrest and the ongoing inquiry, not an admission of wrongdoing.

“Therefore, in light of the same, I am tendering my resignation as Executive Director and CFO of Reliance Power Limited with effect from11.10.2025 considering the pendency of investigation. I state that I maintain my innocence and I am not involved in any wrongdoing, however, I am tendering my resignation considering my arrest and pending investigation in the interim till my name is cleared,” he added.

Meanwhile, in the interim, Neeraj Parakh, the company’s present executive director and CEO has been appointed as the CFO.