The Enforcement Directorate (ED) has arrested Puneet Garg, former Director of Reliance Communications Limited (RCom), under the Prevention of Money Laundering Act (PMLA) in connection with a bank fraud and money laundering case exceeding ₹40,000 crore.
According to the ED, the investigation has revealed that Garg diverted proceeds of crime through multiple foreign (offshore) entities and used the illicit funds for personal expenses, including financing his children’s education abroad.
The probe further found that Garg fraudulently sold a luxury condominium apartment in Manhattan, New York, valued at USD 8.3 million, and siphoned the sale proceeds to a Dubai-based entity.
The accused was produced before the Hon’ble Special Court (PMLA), Rouse Avenue Courts, New Delhi, which has granted the Enforcement Directorate 9 days of custodial remand as the investigation continues.
