ED raids the Religare chief’s and others’ property in connection with a money laundering case
Anti-money laundering agency – Enforcement Directorate (ED) – raided top executives of Religare Enterprises (REL), including Executive Chairperson Rashmi Saluja. The ED was probing the illegal allotment of the Employee stock ownership plan (ESOP) in the Religare Group by top executives in connivance with Rashmi Saluja, who herself gained more than Rs.300 crore worth of shares in the company.
The other REL officials whose premises were searched are Nitin Agarwal, Group CFO, Nishant Singhal, Group General Counsel of Religare Enterprises Limited (REL/ Company) and Chirag Jain, Chief Operating Officer of Religare Finvest Limited (Wholly owned subsidiary of the Company). ED is widening the probe and role of other persons in the Religare Group in grabbing more than Rs.1000 crore worth of shares through illegal allotment of ESOP.
The ED has also frozen the Employee Stock Ownership Plan (ESOP) Shares of Care Health Insurance Limited, the health insurance subsidiary of the Company (CHIL), received by Rashmi Saluja, Nitin Aggarwal, and Nishant Singhal. Religare Group’s major shareholder Dabur Group’s promoter Burman family was complaining to many agencies about the illegal allotment of ESOP by Rashmi Saluja. The ESOP Shares of CHIL issued to Saluja are the subject matter of an order of the Insurance Regulatory and Development Authority of India (IRDAI) in respect of which an Appeal is pending before the Securities Appellate Tribunal (SAT), REL said in an exchange filing.
Earlier this month, the SAT had granted a stay till the final decision on the order by the IRDAI against Saluja on the allotment of ESOPs. The tribunal has prohibited Saluja from exercising any pending ESOPs allotted by Care Health or diluting her shares until the final decision. The ED’s case originated from a first information report (FIR) filed by Vaibhav Gawli, a resident of Mumbai. He has alleged that funds were siphoned from Religare Finvest.
In the FIR he filed, Gawli has named 14 persons 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, Vivekchand 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).
“The Panchnama clearly indicated that no incriminating documents/ digital device was found and seized during the search and the officials cooperated with the ED officials providing them with the requisite information/ documents,” REL said in an exchange filing.
The fresh development at the diversified financial company comes as its current board and largest shareholder (the Burman Family of Dabur Group) are involved in a year-long tussle. The Burman family, the promoter of FMCG major Dabur, had in September 2023 announced a Rs.2,116 crore open offer to acquire up to 26 percent additional stake in the REL to increase its stake over 50 percent mark.
Since the announcement, the two sides have exchanged serious blows. Religare board has accused the Burmanzs of market manipulation and their involvement in various “frauds and financial improprieties” which are under investigation. The Burman family has accused Rashmi Saluja of violating the insider trading rules and raised objections to her high compensation.
Rashmi Saluja in the age of mid-60s, a Doctor by profession landed in Religare Group all of a sudden in 2018 after the exit of promoters Malvinder Singh and Shivinder Singh (Ranbaxy Brothers) faced a series of cases for money laundering and tax evasions and criminal cases. Rashmi Saluja, airdropped into the Corporate World is known for her close association with a very senior veteran BJP leader and boasts on her relations with top people in Central government. Rashmi Saluja was recently de-boarded from Air India flight to London from Delhi, due to misbehavior.
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