Reliance Power’s Executive Director and CFO Ashok Kumar Pal was arrested by the Enforcement Directorate on the night of October 10, under the Prevention of Money Laundering Act a statement by the company said.

He was produced before the Court on Saturday morning and enforcement agency has been granted two days’ custody.

Pending the ongoing matter and in order to assist the investigation, Ashok Kumar Pal has demitted the office of Executive Director and CFO with immediate effect, the company said.

According to a PTI report, Pal was arrested in a money laundering case linked to issuance of an alleged fake bank guarantee of ₹68 crore.

The report said the case pertained to a bank guarantee of ₹68.2 crore submitted to the Solar Energy Corporation of India Limited (SECI) on behalf of Relian

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