Major financial fraud case escalates as ED files chargesheet in ₹40,000 crore RCOM loan fraud. The Enforcement Directorate is moving forward with prosecution under the Prevention of Money Laundering Act against former Reliance Communications president Punit Garg and others involved in the alleged scheme. Garg, arrested in January, allegedly facilitated the diversion of laundered funds through multiple foreign subsidiaries and offshore entities of RCOM during his tenure from 2001 to 2025. This case represents one of India's largest corporate fraud investigations, with the ED claiming systematic concealment and dissipation of proceeds from the bank fraud. The agency continues its broader probe into alleged financial irregularities at Ambani group companies, having previously filed chargesheet against Reliance Power Ltd in December 2025 for a fake bank guarantee case.
