Bank Fraud Unveiled: ED Charges Punit Garg in Rs 40,000 Crore Case

The Enforcement Directorate has filed a chargesheet against Punit Garg, former president of Reliance Communications, in a Rs 40,000 crore money laundering case. Accusations include misappropriating bank loan funds through foreign entities. A luxury New York apartment purchase and sale is under scrutiny, alongside alleged misuse of funds for personal expenses.

The Enforcement Directorate (ED) presented a chargesheet on Friday implicating Punit Garg, former president of Reliance Communications, in a massive Rs 40,000 crore money laundering scandal. Filed at the Rouse Avenue court, the legal document points to Garg's involvement in bank loan fraud.

Garg, holding key roles in RCOM from 2001 to 2025, allegedly diverted funds generated from the fraud through multiple international subsidiaries. The diverted money was used to purchase a luxury condominium in Manhattan, New York, later sold during a distress corporate insolvency process.

The ED's investigation highlights Garg's supposed misuse of funds for personal gains, including overseas education payments for his children. The federal agency also revealed a separate case involving Reliance Power Ltd and fake bank guarantees, expanding their probe into financial misconduct within Anil Ambani's conglomerate.

(With inputs from agencies.)