Ashok Kumar Pal v. Directorate of Enforcement

MADHU JAIN, J. (VACATION JUDGE) JUNE 10, 2026/ys/Av

* IN THE HIGH COURT OF DELHI AT NEW DELHI Date of decision: 10th June, 2026 + BAIL APPLN. 1136/2026 ASHOK KUMAR PAL .....Petitioner Through: Mr. N Hariharan, Sr. Adv. with Mr. Varun Chandiok, Mr. Alok Kumar, Mr. Sidharth Yadav, Mr. Arpit Mahendru, Advs. versus DIRECTORATE OF ENFORCEMENT .....Respondent Through: Mr. Zoheb Hossain, Spl. Counsel for ED and Mr. Vivek Gurnani, Panel Counsel with Mr. Pranjal Tripathi, Mr. Kanishk Maurya, Ms. Tanvi Jain, Advs. ~36 + CRL.M.C. 7670/2025 ASHOK KUMAR PAL .....Petitioner Through: Mr. N Hariharan, Sr. Adv. with Mr. Varun Chandiok, Mr. Alok Kumar, Mr. Sidharth Yadav, Mr. Arpit Mahendru, Advs. versus DIRECTORATE OF ENFORCEMENT .....Respondent Through: Mr. Zoheb Hossain, Spl. Counsel for ED and Mr. Vivek Gurnani, Panel Counsel with Mr. Pranjal Tripathi, Mr. Kanishk Maurya, Ms. Tanvi Jain, Advs. CORAM: HON'BLE MS. JUSTICE MADHU JAIN Madhu Jain, J. (Oral) 1. This hearing has been done through hybrid mode. BAIL APPLN. 1136/2026 CRL.M.A. 5411/2026 & CRL.M.(BAIL) 2192/2025 in CRL.M.C. 7670/2025 2. The present application has been filed by the Applicant under Section 483 of the Bharatiya Nagarik Suraksha Sanhita, 2023 (hereinafter referred to as the 'BNSS') seeking grant of regular bail in connection with ECIR/STF/14/2025 arising out of FIR No. 0131/2024 and FIR No. 0079/2025, presently pending for trial before the Court of learned ASJ-04, Patiala House Courts, New Delhi. Brief Facts 3. The Applicant was working as Chief Financial Officer ('CFO') with Reliance Power Limited ('RPL') during the period from 29.01.2023 to 11.10.2025. He was also an authorised signatory of Reliance NU BESS Limited, formerly known as Maharashtra Energy Generation Limited ('Reliance NU'), a subsidiary of Reliance Power Limited. 4. On 26.06.2024, Solar Energy Corporation of India Limited ('SECI') issued a Request for Selection for setting up a 1000 MW/2000 MWh Stand- alone Battery Energy Storage System project. Bids were required to be submitted by 12.08.2024 along with a Bank Guarantee ('BG') of Rs.68.20 Crores. 5. A Co-operation Agreement dated 29.07.2024 was executed between Reliance Power Limited ('RPL') and M/s Biswal Tradelink Private Limited ('BTPL') for arrangement of a Bank Guarantee for participation in the SECI tender. A Supplementary Agreement dated 02.08.2024 was thereafter executed between the parties, providing for payment of commission/service charges at the rate of 6.5% of the BG amount. Subsequently, vide letter dated 06.08.2024, the commission payable to BTPL was revised upward from 6.5% to 8% and the tenure was revised from two years to one year. 6. On 12.08.2024, a Bank Guarantee bearing No. ACEEL24.089SEC for an amount of Rs.68.20 Crores, purportedly issued by ACE Investment Bank Limited, Malaysia, and that the said Bank Guarantee was subsequently furnished before SECI. SECI, vide its communication dated 03.09.2024, informed Maharashtra Energy Generation Limited that the said bank was not a Scheduled Commercial Bank and called upon it to furnish a revised Bank Guarantee from a Scheduled Commercial Bank recognised by the Reserve Bank of India ('RBI'). 7. It is the case of the prosecution that on 10.09.2024, accused Partha Sarathi Biswal and his accomplices arranged a purported endorsement on the letterhead of State Bank of India, CAG Branch, Gole Market, New Delhi, signed and stamped on 10.09.2024, in relation to Bank Guarantee No. FRIB24.0809SOL dated 09.09.2024, purportedly issued by FirstRand Bank, Philippines. According to the prosecution, the said endorsement was forged and was subsequently furnished to SECI in support of the aforesaid Bank Guarantee. However, vide Show Cause Notice dated 27.09.2024, SECI informed Reliance NU that the endorsement purportedly issued by SBI was not genuine. On 16.10.2024, the Applicant, on behalf of Reliance NU, lodged a complaint before the Economic Offences Wing against BTPL and its directors. Based on the said complaint, FIR No. 0131/2024 was registered on 11.11.