Financial servicec provider Religare on Friday confirmed that the Enforcement Directorate (ED) had raided the residences of its top officials, including Dr. Rashmi Saluja, Executive Chairperson, Mr. Nitin Agarwal, Group CFO, Mr. Nishant Singhal, Group General Counsel of Religare Enterprises Limited (REL/ Company) and Mr. Chirag Jain, Chief Operating Officer of Religare Finvest Limited (Wholly owned subsidiary of the Company), on August 21, 2024, in a press release.
ET had earlier reported that the ED had seized several documents including the demat and bank accounts of these officials.
The press release said that no incriminating documents/digital device was found and seized during the search. It added that the officials cooperated with the ED officials providing them with the requisite information/documents.However, the ED has frozen the ESOP Shares of Care Health Insurance Limited, the health insurance subsidiary of the Company (CHIL), received by Dr. Rashmi Saluja, Mr. Nitin Aggarwal and Mr. Nishant Singhal, said the release.
The release further said thatthe persons searched, the questions asked during the search and the ESOP Shares frozen not related to the FIR or the predicate offence as discernible from the FIR.
DLF has accused its former CFO and MD of the rental arm, Ramesh Sanka, of blackmail and extortion, demanding ₹311 crore. Sanka allegedly threatened to misuse confidential data collected during his tenure with DLF to cause financial harm. The complaint led to an FIR filed by Gurugram police against him.
The ED’s case originated from a first information report (FIR) filed by Vaibhav Gawli, an office assistant at a pet cafe in Mumbai, alleging that funds were siphoned from Religare Finvest. The complaint accused former REL promoters Shivinder Singh and Malvinder Singh, and certain Burman family members – who had made an open offer to acquire a 26 per cent stake in REL – among others The FIR was filed 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. The FIR names 14 persons as accused.
