Ex RCOM Director Punit Garg Linked to 40000 Crore Bank Fraud Allegations
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Point of view
I am a third-party observer
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Why this campaign matters
I have been closely following the major developments in a high-profile financial fraud and money-laundering case in India involving Punit Garg, a former top executive and director of Reliance Communications Limited (RCOM). According to Enforcement Directorate filings and media reports, Garg was arrested by the ED under the Prevention of Money Laundering Act (PMLA) in connection with an ongoing probe into an alleged ₹40,000-crore bank loan fraud and diversion of funds involving RCOM and its group entities. The ED investigation alleges that Garg played a key role in the acquisition, concealment, layering, and dissipation of “proceeds of crime” generated through the fraud, including routing funds through multiple foreign subsidiaries and offshore entities, and diverting portions for personal expenses such as overseas education fees for his children.
This arrest follows a Central Bureau of Investigation (CBI) FIR registered in August, which accused the parties involved of criminal conspiracy, criminal breach of trust, and cheating, among other offences. The probe also highlights the sale of a luxury apartment in Manhattan and the movement of sale proceeds using alleged sham investment arrangements.Throughout this process, special court proceedings in New Delhi have remanded Garg to ED custody for further investigation and tracing of...
The Petition Makers
Hermione
Feb 06, 2026
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What do you think should be done?
To ensure accountability and financial integrity, it is imperative that regulatory and law enforcement agencies pursue a thorough forensic audit of all transactions tied to the alleged diversion of funds, track and recover illicitly diverted assets, and ensure transparent legal proceedings. Strengthening corporate governance standards and reinforcing oversight mechanisms within large corporate loan and credit frameworks can help protect public sector bank interests and uphold fiduciary responsibility.
Decision makers and recipients
Enforcement Directorate (ED)
Director
Central Bureau of Investigation (CBI)
Director
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