ED’s Special Task Force has arrested former director of Reliance Communications Limited (RCOM) Punit Garg on charges of money laundering. This arrest was made on January 29, 2026 under the Prevention of Money Laundering Act. The case is related to bank fraud and money laundering of about Rs 40 thousand crore by RCOM and its associated companies.
This investigation of ED was started on the basis of an FIR registered by CBI. CBI had registered a case in August 2025 on charges of criminal conspiracy, cheating and criminal breach of trust in the bank fraud related to RCOM. After this, ED intensified the investigation from money laundering angle.
Puneet Garg has held a senior position in RCOM.
Investigation has revealed that Puneet Garg held high positions in RCOM for a long time. He headed the company’s global enterprise business from 2006 to 2013, then served as President of Regulatory Affairs from 2014 to 2017. In October 2017, he was made the Executive Director of RCOM and was a Non-Executive Director from April 2019 to April 2025.
ED alleges that while holding different positions between 2001 and 2025, Puneet Garg was actively involved in hiding, diverting and disposing of illegal earnings arising from bank fraud. According to the investigating agency, this money was sent out through many foreign subsidiaries and offshore companies of RCOM.
Wires are connected to America, ED reveals
A big revelation in the ED investigation is related to America. It is alleged that a luxury condominium apartment was purchased in Manhattan, New York with this illegal money. This property was allegedly fraudulently sold by Puneet Garg during the Corporate Insolvency Process (CIRP) of RCOM. About 8.3 million US dollars received from this sale were sent out of India by showing fake investment in a Dubai company. ED claims that this Dubai-based company was under the control of a person who is said to have links with Pakistan. The surprising thing is that information about this entire transaction was not given to the resolution professional.
Personal use of loan taken from banks
Investigation has also revealed that Puneet Garg used a part of the loan taken from banks for personal expenses. This also reportedly includes the expenses related to their children’s studies abroad. After his arrest, Puneet Garg was produced in the special court located at Rouse Avenue Court in Delhi, where the court has given 9 days custody remand to ED.
ED says that the remaining money will be ascertained during remand. Other beneficiaries will be identified and the entire money laundering network will be exposed. ED has made it clear that the investigation in this matter is still going on and there may be more big revelations in the coming days.
