The Enforcement Directorate (ED) has filed an FIR against Dr. Rashmi Saluja, Executive Chairperson of Religare Enterprises Ltd (REL), along with two senior officials, for their alleged involvement in a “false” case against the Burmans of the Dabur group. The FIR alleges unlawful benefits totaling ₹179 crore, with charges under sections 420 (cheating) and 120B (criminal conspiracy) of the Indian Penal Code (IPC).
Details of the Allegations
The case stems from an ongoing probe into alleged money laundering involving former REL directors Malvinder Mohan Singh and Shivinder Mohan Singh. The complaint, initially filed by shareholder Vaibhav Jalinder Gawali, claimed misappropriation of REL assets in collusion with the Burmans, who are also shareholders.
According to the FIR, Gawali allegedly admitted that he did not possess documentary evidence to support his claims. Instead, he claimed that Dr. Saluja, along with Group CFO Nitin Agarwal and President and General Counsel Nishant Singhal, instructed him on the content of his complaint and provided financial incentives to support it. Gawali reportedly received ₹1.2 lakh to purchase 500 shares of REL and ₹80,000 to file the complaint.
Investigations and Responses
The FIR, recorded under Section 50 of the Prevention of Money Laundering Act (PMLA), details that Gawali’s bank transactions were reviewed and found to align with his claims of receiving money. The complaint was initially rejected by local police but was eventually registered at the Matunga police station on August 12 following court orders.
The FIR accuses Dr. Saluja and the other officials of diverting funds from REL and its subsidiaries, alleging that the false complaint was intended to obstruct a proposed takeover and conceal illegal gains through Employee Stock Options (ESOPs) of Care Health Insurance Limited (CHIL).
A senior REL official disputed the FIR’s claims, stating that the initial FIR filed by Gawali in November 2023 was related to JM Financial and the Burmans. The official argued that the ED’s focus on ESOPs, which have not yet been exercised, is unfounded. The official also claimed that Gawali’s allegations about Saluja’s involvement are baseless and that the ED’s investigation lacks merit.
REL has yet to respond to the matter in detail, but the case continues to unfold as the ED pursues its investigation into the alleged financial misconduct.
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