India, Oct. 12 -- The Enforcement Directorate arrested Ashok Kumar Pal, executive director and chief financial officer of Reliance Power Limited, late on Friday in connection with a money-laundering probe into an alleged fake bank guarantee worth Rs.68.2 crore, agency officials said on Saturday.

Pal was arrested under Section 19 of the Prevention of Money Laundering Act, 2002, following questioning and produced before a special court on Saturday morning, which granted two days of ED custody, officials said.

The case centres on a bank guarantee for an earnest money deposit submitted to the Solar Energy Corporation of India Limited (SECI) on behalf of Reliance NU BESS Limited, a subsidiary of the listed Reliance Power. The guarantee, purp...