Senior Religare Executives Booked for Cheating and Conspiracy in ED’s Money-Laundering Probe
Mumbai police file case against Religare’s top executives, including Dr. Rashmi Saluja, for conspiracy and cheating in a bid to block takeover attempts.
Mumbai police file case against Religare’s top executives, including Dr. Rashmi Saluja, for conspiracy and cheating in a bid to block takeover attempts.
Mumbai: In a significant development, the Matunga police registered a case of criminal conspiracy and cheating against three senior officials of Religare Enterprises Limited (REL), including Executive Chairperson Dr. Rashmi Saluja, along with a private individual, following a complaint by the Enforcement Directorate (ED). The case stems from a money-laundering probe related to an alleged conspiracy to block the takeover of REL by its shareholders, the Burman family.
The other executives named in the FIR include REL’s Group Chief Financial Officer Nitin Aggarwal and President and General Counsel Nishant Singhal. The complaint accuses the officials of orchestrating a fabricated FIR in November 2023, intended to target REL’s former directors and members of the Burman family, who are significant shareholders of the company.
ED’s Allegations
According to ED’s findings, the accused allegedly paid ₹2 lakh to one Vaibhav Gawali to purchase 500 REL shares worth ₹1.20 lakh, while the remaining ₹80,000 was used to file a complaint with the Matunga police against the Burman family. The complaint was allegedly lodged to prevent the Burmans from taking control of REL and to protect stock options (ESOPs) valued at around ₹179.54 crore.
The ED conducted searches on August 21 at multiple locations in Delhi and Gurugram, freezing shares of Care Health Insurance Limited (CHIL), which were obtained as ESOPs and held by the accused officials. The probe revealed that the accused officials had been attempting to obscure illegal gains through these stock options.
Motivated FIR and Conspiracy
The November 2023 FIR, filed by Gawali, claimed misappropriation of REL’s assets by former directors and the Burman family. However, during the ED’s investigation, Gawali reportedly admitted that the FIR was prepared on the instructions of Dr. Rashmi Saluja and the REL executives, with no direct evidence of the alleged takeover conspiracy. Gawali also disclosed that he had met Saluja and others before purchasing the REL shares and was allegedly given ₹2 lakh in cash.
The ED’s preliminary investigation concluded that the November 2023 FIR was “motivated” and aimed at preventing a potential takeover of REL by the Burman family. The agency also noted that unlawful gains of ₹179.54 crore were made by Saluja and others through the acquisition of undervalued ESOPs.
Company’s Response
Following the ED’s searches, REL denied any wrongdoing, stating that the ESOP shares frozen were unrelated to the alleged predicate offense. The company maintained that the persons involved and the searches conducted were in no way connected to the offense being investigated.
The ongoing investigation is expected to shed more light on the alleged financial misconduct and conspiracy surrounding the leadership of Religare Enterprises Limited.
Sources By Agencies
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