File image of Punit Garg. File. | Photo credit: Vivek Bendre
A special task force of the Enforcement Directorate has arrested Punit Garg, former director of Reliance Communications Limited (RCom) in connection with an alleged bank fraud and money laundering of over ₹40,000 crore, it said on Friday (January 30, 2026).
The arrest was made on Thursday (January 29, 2026) as part of an ED investigation in view of a first information report registered by the Central Bureau of Investigation. The agency produced him before a special court in Delhi, which sent him to nine days’ custody.
According to the ED, Mr. Garg served as President of RCom, managing its global corporate business from 2006 to 2013. He then served as President (Regulatory Affairs) from 2014 to 2017. He was appointed Managing Director in October 2017 and served as Managing Director of RComex from April 2019 to April 2025
The ED alleged that Mr. Garg was actively involved in raising, holding, concealing, layering and dispersing “proceeds of crime” diverted through several foreign subsidiaries and offshore entities of RCom.
“In particular, it was found that the proceeds of crime were diverted to purchase a luxury residential apartment in Manhattan, New York (USA). This property was sold during the Corporate Insolvency Resolution Process (CIRP) of RCom fraudulently by Punit Garg. The sale proceeds of $8.3 million were remitted from the US under the guise of an investment arrangement with a Pakistani entity with Dubai. without the knowledge or consent of the resolution professional problems,” ED said.
The funds in question were also allegedly diverted to Mr. Garg’s personal expenses, including his children’s expenses related to foreign education, the agency said.
Published – 30 Jan 2026 22:44 IST
