The Enforcement Directorate (ED) on Friday arrested Punit Garg, former director of Reliance Communications Limited (RCOM), in connection with an alleged Rs 40,000-crore bank fraud and money laundering case involving the telecom company and its group entities.
The arrest follows a CBI FIR registered on August 21, which accused RCOM officials of criminal conspiracy, cheating and breach of trust. The case was registered under Sections 120-B, 406 and 420 of the Indian Penal Code, along with provisions of the Prevention of Corruption Act.
According to an official ED statement, Punit Garg held several senior positions within RCOM over the years. He served as President, Global Enterprise Business, from 2006 to 2013, followed by President (Regulatory Affairs) between 2014 and 2017. In October 2017, he was appointed Executive Director of RCOM, and later served as Non-Executive Director from April 2019 to April 2025.
The ED is investigating alleged diversion and laundering of bank funds borrowed by RCOM and its associated entities. Officials said further probe is underway to trace the money trail and identify the role of other individuals linked to the alleged fraud.
