NEW DELHI: Anil Ambani aide and senior Reliance Power executive Ashok Kumar Pal arrested by ED in the alleged fake bank guarantee and fake invoicing case, officials said on Saturday.Pal was arrested on Friday night, after several hours of questioning.He will be produced before the judge today at 9.30am. The Enforcement Directorate (ED) is investigating alleged financial irregularities and potential violations under the Prevention of Money Laundering Act (PMLA). This comes after a large-scale ED operation on July 24, during which 35 premises, 50 companies and over 25 individuals linked to Reliance Anil Ambani Group (RAAGA) firms were searched. The probe follows a money laundering case registered based on a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI). In August, officials told ANI that preliminary findings point to a “well-planned and thought-out scheme” to siphon public funds by defrauding banks, investors, and public institutions. The role of Yes Bank, including its then-promoter, is also under scrutiny, according to officials.The ED suspects the illegal diversion of around Rs 3,000 crore in loans disbursed by Yes Bank between 2017 and 2019. The investigation is reportedly based on inputs from multiple regulatory and financial bodies, including the National Housing Bank, SEBI, National Financial Reporting Authority (NFRA), and the Bank of Baroda.
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