2 months ago
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The Enforcement Directorate connected Friday (March 27, 2026) filed a chargesheet against erstwhile Reliance Communications president Punit Garg and different idiosyncratic arsenic part of its wealth laundering probe into an alleged ₹40,000 crore slope indebtedness fraud case, authoritative sources said.
The chargesheet was filed earlier a peculiar tribunal astatine Rouse Avenue nether the Prevention of Money Laundering Act (PMLA). It names Mr. Garg and Vaishali Jairam Mane, a erstwhile manager astatine U.S.-based Bonn Investment Inc, arsenic the accused successful the case, sources told PTI.
The ED arrested Mr. Garg, 61, successful January this year. The erstwhile Reliance Communications (RCOM) president, portion holding elder managerial and directorial positions successful the institution from 2001 to 2025, was actively progressive successful the acquisition, possession, concealment, layering and dissipation of proceeds of transgression generated from the said slope fraud, the ED had claimed.
The alleged laundered funds were "diverted" done aggregate overseas subsidiaries and offshore entities of RCOM, it alleged. As the president of RCOM, the bureau said, Mr. Garg handled the planetary endeavor concern of the institution betwixt 2006 and 2013. He besides served arsenic president (regulatory affairs) from 2014 to 2017. In October 2017, Garg was appointed enforcement manager astatine RCOM, and from April 2019 till April 2025, helium served arsenic a non-executive manager of the company, according to the ED.
Proceeds utilized to bargain Manhattan flat
It was recovered that the proceeds of transgression generated from the alleged fraud were "diverted" to acquisition a luxury condominium flat successful Manhattan, New York. Ms. Mane has been named successful the chargesheet arsenic she was allegedly linked to the acquisition of this Manhattan apartment.
The spot was "fraudulently" sold successful 2023 during a firm insolvency solution process (CIRP) of RCOM by Mr. Garg, the ED said. It is understood that RCOM informed the banal speech astir this "fraudulent" merchantability successful 2025.
“The merchantability proceeds of $8.3 cardinal (about ₹69.55 crore successful 2023) were remitted from the U.S. nether the guise of a sham concern statement with a Dubai-based entity controlled by a Pakistan-linked individual, without the cognition oregon consent of the solution nonrecreational (RP)," the bureau said.
Public wealth diverted
A portion of the proceeds of transgression – nationalist wealth taken by RCOM arsenic slope loans – was “diverted” for Mr. Garg's idiosyncratic expenses, including overseas education-related payments for his children, the bureau claimed.
In December 2025, the ED had filed a chargesheet against Anil Ambani's radical company, Reliance Power Ltd, and 10 others, successful a wealth laundering lawsuit linked to the issuance of an alleged fake slope warrant of ₹68 crore for securing a tender.
The Central probe bureau has constituted a peculiar probe squad to probe the alleged fiscal irregularities conducted by Anil Ambani's radical companies astatine the absorption of the Supreme Court.
