ed clamps down on religare premises searched in money misappropriation case

The Enforcement Directorate (ED) has carried out searches at the premises of Religare Group Chairperson Rashmi Saluja and some other top officials of the group in connection with a money laundering probe into alleged misappropriation of the company’s funds. The ED, which began the searches this week, initiated the probe and registered an enforcement case information report (ECIR) based on an FIR filed by Vaibhav Gawali last year into alleged misappropriation and diversion of funds from Religare. The complaint filed against former Religare directors, Dabur Group directors and others accused them of causing losses to the company and shareholders.

Earlier, statements of three independent directors of Religare and Dabur Group chairman Mohit Burman were recorded, sources said. They said the agency is in the initial stages of investigating the complaint, recording statements of concerned parties and named accused in the FIR to obtain information about the functioning of stakeholders and others in Religare. In the ED case filed last year and later transferred to the Economic Offenses Wing (EOW) of Mumbai Police, complainant Gawli had alleged that Shivendra Mohan Singh and Malvinder Mohan Singh were former directors of Religare Enterprises.

He claimed that other associates of the Singh brothers are MB Fin Mart Private Limited, Mohit Burman, Vivekchand Burman, Monica Burman (directors of the company) and Puran Associates Private Limited, Abhay Kumar Agarwal, Anandchand Burman, Mini Burman (all directors of the said company), as well as VIC Enterprises Private Limited and Milky Investment and Trading Company.