The Enforcement Directorate (ED) has arrested Ashok Kumar Pal, Chief Financial Officer of Reliance Power Ltd (RPL), in connection with a ₹68 crore fake bank guarantee (BG) racket linked to a Solar Energy Corporation of India (SECI) tender, sources told CNBC TV18.

Pal was taken into custody late Friday night after extensive questioning at the ED's Delhi office. He was produced before a special court on Saturday (October 11) morning, where the agency sought two days' custody. Sources said he will now be produced before the court again on Monday.

The allegations

Sources said ED has alleged that Pal played a crucial role in the diversion of funds and submission of a forged bank guarantee to SECI during a tender for Battery Energy Storage System (BESS) projects.

As the CFO of Reliance Power

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