New Delhi, Jan. 30 -- The Enforcement Directorate (ED) on Friday arrested Punit Garg, ex-Director of Reliance Communications (RCOM) Limited, in connection with the ongoing investigation relating to over Rs 40,000 Crore bank fraud and money laundering.

ED's Special Task Force arrested Punit Garg on Friday on CBI's FIR for offences under Sections 120-B, 406 and 420 of the Indian Penal Code, 1860, and Sections 13(2) read with section 13(1)(d) of the Prevention of Corruption Act, 1989, the probe agency said in a statement.

The ED said the case relates to the "diversion and laundering of funds by RCOM and its group entities."

Punit Garg served as President of RCOM, handling the Global Enterprise Business of RCOM from 2006 to 2013. Thereafte...