ED arrests former RCOM director in Rs 40,000-crore bank fraud case
The arrest follows a CBI FIR registered on August 21 alleging offences under Sections 120-B (criminal conspiracy), 406 (criminal breach of trust), and 420 (cheating) of the Indian Penal Code, along with provisions of the Prevention of Corruption Act.
The agency initiated its probe on the basis of three FIRs registered by the Uttar Pradesh Police on charges of fraud, forgery and criminal conspiracy.
The Enforcement Directorate (ED) on Friday said it has arrested former director of Reliance Communications Limited (RCOM) Punit Garg on charges of money laundering in an alleged Rs 40,000-crore bank fraud by the telecom firm and its group entities.
The arrest follows a CBI FIR registered on August 21 alleging offences under Sections 120-B (criminal conspiracy), 406 (criminal breach of trust), and 420 (cheating) of the Indian Penal Code, along with provisions of the Prevention of Corruption Act.
“The arrested man was identified as Punit Garg, who served as President of RCOM, handling the Global Enterprise Business of RCOM from 2006 to 2013. Later, he served as President (Regulatory Affairs) from 2014 to 2017. 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,” an ED spokesperson said in a statement.
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