Enforcement Directorate searches nine RFL-linked offices
Enforcement Directorate said on Saturday that it conducted searches on several premises linked to Religare Finvest Ltd (RFL), in connection with an ongoing probe into alleged misappropriation of more than ₹2,000 crore by the former promoters of the financing company's parent, Religare Enterprises Ltd.
The ED, which is investigating the money-laundering aspect of the case, said it searched nine locations in the National Capital Region on Friday and Saturday, covering the corporate offices of RFL, M3M India Holdings, RHC Holding Pvt Ltd, Hillgrow Infrastructure Pvt Ltd, Dion Global Solutions and Prius commercial.
In a regulatory filing, Religare Enterprises said RFL had made a request to the ED to expedite the probe. RFL has also promised its lenders that it would make «all possible efforts» to recover the siphoned off funds, a Religare Enterprises spokesperson told ET, adding that RFL had commissioned a forensic audit to trace the assets and money trail.
The Enforcement Directorate's money laundering case against erstwhile Religare promoters Malvinder and Shivinder Mohan Singh, and its former chairman and managing director Sunil Godhwani, is based on a case registered by the Delhi Police's Economic Offences Wing.
The ED had arrested the Singh brothers and Godhwani in October 2019.
They are currently out on bail.
Issue of compensation
The latest ED searches come at a time when RFL’s current managing director, Rashmi Saluja is locked in a bitter takeover battle for Religare Enterprises with the Burman family, the promoter of Dabur India. Saluja is also the executive chairperson of Religare Enterprises.
In November, the Burman family wrote to the Securities and Exchange Board of India alleging that Saluja violated the
