The Enforcement Directorate on Friday (March 27, 2026) filed a chargesheet against former Reliance Communications president Punit Garg and another person as part of its money laundering probe into an alleged ₹40,000 crore bank loan fraud case, official sources said.
The chargesheet was filed before a special court at Rouse Avenue under the Prevention of Money Laundering Act (PMLA). It names Mr. Garg and Vaishali Jairam Mane, a former director at U.S.-based Bonn Investment Inc, as the accused in the case, sources told PTI.
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The ED arrested Mr. Garg, 61, in January this year. The former Reliance Communications (RCOM) president, while holding senior managerial and directorial positions in the company from 2001 to 2025, was actively involved in the acquisition, possession, concealment, layering and dissipation of proceeds of crime generated from the said bank fraud, the ED had claimed.
The alleged laundered funds were "diverted" through multiple foreign subsidiaries and offshore entities of RCOM, it alleged. As the president of RCOM, the agency said, Mr. Garg handled the global enterprise business of the company between 2006 and 2013. He also served as president (regulatory affairs) from 2014 to 2017. In October 2017, Garg was appointed executive director at RCOM, and from April 2019 till April 2025, he served as a non-executive director of the company, according to the ED.
