ED searches 9 offices in RFL money laundering probe, seizes incriminating documents

livemint.com:

₹2,000 crore from Religare Finvest Ltd (RFL), people familiar with the development said on Saturday. The searches, ED officials said, continued into the early hours of Saturday, with several incriminating documents recovered and large scale “proceeds of crime" identified. Religare, however, said that these raids were initiated following a complaint by the company itself.

The company told the stock exchanges that ED officials “basis a complaint made by the present management of Religare Finvest Limited", and “pursuant to the ongoing investigation with respect to the corporate loan book, collected relevant information/documents on 5 January 2024, to expedite the investigation as per request made by RFL recently. The information and documents as advised were provided/submitted to the officials of the authority." A company spokesperson added that Religare had requested the ED to expedite the investigations into misappropriated funds by former promoters Malvinder Mohan Singh, Shivinder Mohan Singh, and their associates. "Multiple cases have been initiated towards the same and various agencies are investigating these transactions.

In a recent request made by RFL, ED was requested to expedite the ongoing investigations. ED officials conducted searches at various locations yesterday i.e. on 5.1.2024 to collect evidence which may he helpful in tracing the proceeds of crime.

RFL has promised its lenders that they shall make all possible efforts to recover siphoned off funds and in line with the same, RFL has commissioned a forensic audit to trace assets/money trail," the spokesperson said. The ED has been investigating Religare since 2019, following a Delhi Police case. The police had arrested Fortis Healthcare founders Shivinder