Reliance Power News: Reliance Power Limited said on Saturday that Ashok Pal has resigned from the post of Executive Director and Chief Financial Officer (CFO) of the company with immediate effect.
The company cited filings dated November 7 and November 14, 2024, which revealed that bank guarantees worth Rs 68 crore were issued by a fake bank in the Philippines. A criminal complaint was registered in this regard in the Economic Offenses Wing of Delhi Police. An FIR was registered regarding this case on November 11, 2024.
What is the matter?
According to the ED investigation, this entire matter is related to Reliance Power’s subsidiary company Reliance New BESS Limited, whose earlier name was Maharashtra Energy Generation Limited. This company had deposited fake bank guarantee of Rs 68.2 crore with Solar Energy Corporation of India Limited (SECI). Later investigation found it to be fake.
It was revealed that this guarantee was presented by the company from FirstRand Bank located in Manila, Philippines, whereas this bank does not have any branch there. In such a situation, this fake bank guarantee was prepared from fake documents in such a way that it appeared absolutely genuine. Ashol Pal’s role was found to be important in this fraud.
What was the role of Ashok Pal?
ED investigation further revealed that a company named Biswal Trading was running a gang in Odisha. Their job was to issue fake bank guarantees for companies or business groups. The company is accused of issuing fake bank guarantees by taking 8 percent commission. Moreover, it used fake email domains to mislead banks and financial institutions, such as s-bi.co.in instead of SBI’s real domain sbi.co.in.
Here, the board of Reliance Power had given the responsibility of preparing the papers for the BESS project of Solar Energy Corporation, getting them approved and signed etc., along with Ashok Pal and some other officials. Taking advantage of the opportunity, these officials bid through fake bank guarantees and invoicing. In these, money transactions took place through many accounts, most of which were later found to be undeclared.
Reliance Power gave clarification
Amidst all this, Reliance Power has said that this is a conspiracy against their company. The Company and its subsidiaries have acted in good faith and in good faith. The company said that Pal has resigned to cooperate in the proceedings while the investigation continues. A formal resignation letter will be issued soon.
The company also clarified on the news of dragging Anil Ambani into this matter and said that he has not been on the board of Reliance Power for more than three and a half years and he has nothing to do with this matter.
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