The Enforcement Directorate (ED) on Friday said it has arrested former Reliance Communications (RCOM) president Punit Garg on money laundering charges in an alleged Rs 40,000 crore worth bank loan fraud case.
According to a ED press statement probe shows he diverted Proceeds of Crime to offshore entities, and used POC for his children’s overseas education. He also fraudulently sold a $8.3 million luxury condo in Manhattan, New York and siphoned the sale proceeds to a Dubai based entity. The Hon’ble Special Court (PMLA), Rouse Avenue has granted ED 9 day custody while investigation continues.