ED Raids Religare Chairperson Rashmi Saluja in Cheating Case

New Delhi, Aug 23 (PTI) Religare Enterprises Ltd (REL) on Friday said Enforcement Directorate (ED) officials have conducted searches on the premises of its key managerial personnel, including its Executive Chairperson Rashmi Saluja, in a case registered last year with Matunga Police Station, Mumbai.

The Directorate of Enforcement officials had conducted searches on the premises of key managerial personnel/senior officials namely Rashmi Saluja, Executive Chairperson, Nitin Agarwal, Group CFO, Nishant Singhal, Group General Counsel of Religare Enterprises Ltd and Chirag Jain, Chief Operating Officer of Religare Finvest Ltd (wholly owned subsidiary of REL), on August 21, 2024, REL said in a regulatory filing.

The search was conducted following a complaint by one Vaibhav Gawli under sections 420, 120-B, 511 and 114 of the Indian Penal Code, 1860, which include offences of cheating and criminal conspiracy, etc., with an intention to defraud the complainant and other shareholders of REL, it said.

The FIR names 14 people as accused, including the erstwhile promoters of REL (Shivinder Mohan Singh and Malvinder Mohan Singh), the four acquirer companies of the Burman Group who made the open offer to the shareholders of REL (MB Finmart Pvt Ltd, Puran Associates Pvt Ltd, VIC Enterprises Pvt Ltd, and Milky Investment & Trading Company).

Members of the Burman Family -- Mohit Burman, Vivek Chand Burman, Monika Burman, Anandchand Burman, Mini Murman, Adityachand Burman -- Abhay Kumar Agarwal (associated with the acquirers) and JM Financial Ltd (manager to the open offer) were also named in the FIR.

The company said no incriminating documents or digital devices were seized during the searches, it said.

However, it said, the ED has frozen the ESOP shares of Care Health Insurance Ltd, a subsidiary of REL, held by Saluja, Agarwal, and Singhal.

The persons searched, the questions asked during the search and the ESOP shares freezed are in no way related to the FIR or the predicate offence as discernible from the FIR.

The matter was apprised to the Board of Directors of REL in its meeting on Friday where the whole event was discussed in detail and the board members decided to stand by the management and reposed its faith and confidence on them, REL said.