The Enforcement Directorate (ED) has taken action against top officials of Religare Enterprises Ltd (REL) in a case dating back to 2023. The agency has filed an FIR against Executive Chairperson Rashmi Saluja, along with Group CFO Nitin Agarwal, President and General Counsel Nishant Singhal, and an individual named Vaibhav Gawli. The charges against them are based on allegations of cheating and criminal conspiracy, specifically related to false accusations leveled against the Burman family of the Dabur Group.
The ED’s investigation began after a complaint was filed by Vaibhav Gawli in 2023. Gawli’s complaint accused REL and the Burman family of a scheme involving cheating and criminal conspiracy, aimed at defrauding him and other REL shareholders. His complaint named 14 individuals as accused, including the former promoters of REL, Shivinder Mohan Singh and Malvinder Mohan Singh, as well as the four companies that made an open offer to REL shareholders. The Burman family members involved in the case are Mohit Burman, Vivek Chand Burman, Monika Burman, Anandchand Burman, Mini Murman, Adityachand Burman. Also implicated were Abhay Kumar Agarwal, associated with the acquirer companies, and JM Financial Ltd, the manager of the open offer.
The ED’s investigation led to searches at the premises of REL’s key personnel on August 21, 2024. The agency’s actions highlight the seriousness of the allegations and the potential for financial misconduct within REL. The case is still under investigation and could have significant implications for both REL and the Burman family.
