Delhi High Court Rejects Bail for Reliance Power CFO in Money Laundering Case
The Delhi High Court rejected bail applications filed by Ashok Kumar Pal, former CFO of Reliance Power Ltd, in a money laundering case involving an alleged fake bank guarantee of Rs 68.20 crore submitted to the Solar Energy Corporation of India. Justice Madhu Jain found that the twin conditions under Section 45 of the Prevention of Money Laundering Act were not satisfied, citing the nature of allegations and evidence collected by the Directorate of Enforcement. The ruling is significant as it upholds stringent bail standards in money laundering cases and reflects judicial scrutiny of financial fraud allegations involving major corporate entities.
The Delhi High Court on Wednesday dismissed both regular and interim bail applications filed by Ashok Kumar Pal, former Chief Financial Officer of Reliance Power Ltd, who has been in custody since October 2025. The case involves allegations of submitting a forged bank guarantee of Rs 68.20 crore to the Solar Energy Corporation of India as part of a tender process. Justice Madhu Jain's order noted that the Directorate of Enforcement's evidence—including WhatsApp communications, documentary materials, and statements recorded under the Prevention of Money Laundering Act—revealed a prima facie case against the accused. The ED alleged that Pal had modified bank guarantee documents, changing the issuing bank's particulars from "FirstRand Investment Limited, USA" to "FirstRand Bank, Manila, Philippines," and that substantial amounts were transferred in connection with these arrangements. The defence argued that Pal acted only in his professional capacity, had initiated the complaint himself, and that no proceeds of crime had accrued to him, but the Court found these matters required appreciation of evidence during trial rather than at the bail stage.
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