Delhi court takes cognisance of ED charge sheet against ex-RCom Director Punit Garg in alleged Rs 40,000 crore bank fraud case

New Delhi, June 15 (IANS) A Delhi court on Monday took cognisance of the prosecution complaint filed by the Enforcement Directorate (ED) against former Reliance Communications (RCom) Director Punit Narendra Garg and other accused in an alleged Rs 40,000 crore bank fraud-linked money laundering case.

Taking cognisance of the charge sheet filed by the federal anti-money laundering agency, the Rouse Avenue Court listed the matter for further hearing on July 4.

The court also dismissed Garg’s bail plea. A detailed order is awaited and is expected to be uploaded on the court’s website.

Garg was arrested by the ED on January 29 under the provisions of the Prevention of Money Laundering Act (PMLA) in connection with the case.

Earlier, the court had rejected his plea seeking interim bail on medical grounds. Garg had sought temporary release to undergo medical examination and treatment at a private hospital. His counsel had submitted that prior to his arrest, he had been receiving treatment at Mumbai’s Kokilaben Dhirubhai Ambani Hospital and had been advised intensive medical examination, including capsule endoscopy.

According to the ED, Garg played an active role in the acquisition, possession, concealment, layering and dissipation of the alleged proceeds of crime generated through the purported bank fraud.

The anti-money laundering agency has alleged that while holding senior managerial and directorial positions in Reliance Communications over several years, Garg was involved in the diversion of funds through multiple foreign subsidiaries and offshore entities linked to the company.

The ED has further claimed that proceeds of crime were diverted to offshore entities and utilised for personal expenses, including financing the overseas education of his children. It also alleged that an $8.3 million luxury condominium in Manhattan, New York, was fraudulently sold and the sale proceeds siphoned to a Dubai-based entity.

The ED has alleged that the remittance was made through a sham investment arrangement without the knowledge or consent of the Resolution Professional overseeing Reliance Communications’ corporate insolvency resolution process.

–IANS

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