By Dhiraj Beniwal

New Delhi [India], March 27 (ANI): The Enforcement Directorate (ED) has filed a Prosecution complaint (Chargesheet) against Punit Garg, the former Director of Reliance Communications (RCom) ltd in an alleged money laundering case of Rs. 40000 crores. The ED has filed the charge sheet in the Rouse Avenue court.

This charge sheet has been marked for Special Judge Ajay Gupta for hearing tomorrow.

After registering the ECIR on the basis of FIR of the CBI, the ED had arrested Punit Garg. Initially, the ED had remanded Punit Narendra Garg for 9 days for investigation to trace the remaining Proceeds of Crime, identify other beneficiaries, and uncover the complete money-laundering trail. After ED's interrogation, Garg was sent to Judicial custody.

Directorate of Enforcement (ED), Special Task Force, arrested Punit Garg, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in connection with an ongoing investigation relating to over Rs. 40,000 Crore bank fraud and money laundering by RCOM and its group entities.

The arrest was made pursuant to an investigation initiated based on CBI's FIR of 21.08.2025 for offences under Sections 120-B, 406 and 420 of the Indian Penal Code, 1860, and Sections 13(2) read with section 13(1)(d) of the Prevention of Corruption Act, 1989.

Punit Garg served as President of RCOM, handling the Global Enterprise Business of RCOM from 2006 to 2013. Thereafter, he served as President (Regulatory Affairs) from 2014 to 2017, the ED said.

Subsequently, in October 2017, he was appointed as Executive Director of RCOM. Thereafter, from April 2019 till April 2025, he served as non-Executive Director of RCOM, it added.

ED investigation has revealed that Punit Garg, while holding senior managerial and directorial positions in RCOM over an extended period from 2001 to 2025, was actively involved in the acquisition, possession, concealment, layering, and dissipation of Proceeds of Crime generated from the said bank fraud.

ED has said that it has been found that Proceeds of Crime were diverted through multiple foreign subsidiaries and offshore entities of RCOM. In particular, it was found that Proceeds of Crime were diverted for the purchase of a luxury condominium apartment in Manhattan, New York, United States of America (USA).

ED alleged that this property was sold during the Corporate Insolvency Resolution Process (CIRP) of RCOM fraudulently by Punit Garg. The sale proceeds of US$ 8.3 million were remitted from the USA under the guise of a sham investment arrangement with a Dubai-based entity controlled by a Pakistan-linked individual, without the knowledge or consent of the Resolution Professional.

The investigation has further revealed that part of the Proceeds of Crime, public money taken by RCOM as bank loans, was diverted for Punit Garg's personal expenses, including overseas education-related payments of his children, the ED said.

Punit Garg was arrested by the ED on January 29. His interim bail on medical grounds is also pending before the Special Judge Ajay Gupta, which is to be taken up tomorrow. (ANI)