New Delhi: The Enforcement Directorate (ED) has arrested Ashok Kumar Pal, Chief Financial Officer (CFO) at Reliance Power Ltd and a close aide of industrialist Anil Ambani, in connection with a fake bank guarantee case.

Pal’s arrest came in connection with the money laundering investigation linked to the ADA Group. He was taken into custody after questioning at the central probe agency's Delhi office, and was scheduled to be produced before a judge.

The ADA case involves allegations of financial misconduct linked to Yes Bank and companies within the ADA Group, formerly headed by Anil Ambani.

ED had alleged that Anil Ambani and entities under the Reliance Group were involved in a Rs 17,000-crore loan fraud case.

Earlier this week, the Bombay High Court upheld the State Bank of India’s

See Full Page