₹40,000 Cr bank fraud: ED targets RCOM executives in landmark case

The Enforcement Directorate (ED) is expected to file a chargesheet in a ₹40,000 crore loan fraud and money laundering case linked to Anil Ambani ’s companies, primarily Reliance Communications (RCOM). The complaint will be filed under the Prevention of Money Laundering Act (PMLA).

Punit Garg , arrested by the ED in January, is expected to be named. Garg, who held senior roles in RCOM from 2001 to 2025, is accused of acquiring, concealing, layering, and dissipating proceeds of crime . The ED claims that funds were diverted through multiple foreign subsidiaries and offshore entities , highlighting a complex international money laundering network.

Several other former executives and associated individuals are also expected to be included in the chargesheet. The agency has formed a Special Investigation Team (SIT) following directives from the Supreme Court of India to probe alleged financial irregularities across Ambani group companies.

Earlier, in December 2025, the ED filed a separate chargesheet against Reliance Power and 10 others in a ₹68 crore fake bank guarantee scam .

The case is one of India’s largest financial fraud investigations , involving high-value loans, cross-border fund diversion, and alleged corporate misconduct, with potential serious legal and financial consequences for the accused.