Religare Scam: ED Chargesheet Against Ex-Executive

Mumbai, Oct 8 (PTI) The ED has filed a chargesheet in a court against former executive chairperson of Religare Enterprises (REL), Rashmi Saluja, in a Rs 179.54 crore scam linked to Employee Stock Ownership Plan (ESOP), calling her “principal architect of the conspiracy” orchestrated in connivance with co-accused.

Besides Saluja, the other accused named in the chargesheet, filed recently before a PMLA court in Mumbai, are former executives of the Religare group, Nitin Aggarwal, Nishant Singhal, Pratap Venugopal and one Vaibhav Gawli.

The Enforcement Directorate (ED)'s case is based on a scheduled offence filed by Mumbai's Matunga police under IPC sections 420 (cheating) and 120(B) (criminal conspiracy).

The ESOP manipulation allegedly by Saluja and others was unearthed by the Mumbai police while investigating a different FIR filed by Gawlli against the Burman family (one of the largest REL shareholders) and owner of the Dabur group.

During the probe, Gawli admitted that the said FIR has been filed against the Burman family at the behest of Saluja, Singhal and Aggarwal.

He submitted that he purchased REL shares using funds provided by them and registered the complaint leading to the said FIR, falling prey to inducement of Saluja. Gawli's revelations led the police case against Saluja and others.

As per the chargesheet, the accused had offered Rs 2,00,000 to an individual named Gawli to purchase REL (Religare) shares and file a complaint against the Burman family.

The ED has alleged the conspiracy was aimed at obstructing the takeover of REL by the Burman family to ensure the accused continued to enjoy sole control and various financial benefits, including the illegal ESOPs.

ESOP is a programme that allows employees to become partial owners of the company they work for by acquiring its shares.

The ED previously carried out searches and froze the shares of CHIL, a subsidiary of REL, obtained by Saluja, Aggarwal, and Singhal in the form of ESOPs, terming the gains as "proceeds of crime", the chargesheet stated.

The probe agency has estimated the proceeds of crime to be around Rs 179.54 crore.

The chargesheet, citing evidence and facts gathered during the money laundering investigation, revealed Saluja, the then non-executive chairperson of CHIL and executive chairperson of REL, is the "principal architect of the criminal conspiracy orchestrated in collusion" with (co-accused)
Aggarwal, Singhal, and Venugopal.

The objective was the unlawful acquisition of a substantial equity interest in CHIL through the unlawful grant of ESOPs and the conspiracy was not limited to personal enrichment - rather it was complex and multifaceted, the ED alleged.

The central agency alleged Saluja misused her position and authority by not only approving her own name, alongside Singhal and Aggarwal, for the grant of ESOPs of CHIL in clear defiance of the company's policy, but also by unilaterally determining the number of options to be granted.

It represents a blatant disregard for corporate governance and intent for making unlawful gains through ESOPs, the ED alleged.