ED files FIR against Religare’s Rashmi Saluja, two others in false allegations case against Burmans of Dabur group

The Enforcement Directorate (ED) has filed an FIR against Religare Enterprises Ltd (REL) Executive Chairperson Rashmi Saluja and two other top officials of the company in a 2023 case pertaining to false allegations against the Burmans of the Dabur Group.

According to the FIR, Rashmi Saluja, group CFO Nitin Agarwal, president and general counsel Nishant Singhal, and an individual, Vaibhav Gawli, were named as the accused in the case.

In the FIR registered on September 6, charges against the accused were listed under IPC sections 420 (cheating) and 120B (criminal conspiracy).

On August 23, ED officials searched the premises of Religare Enterprises’ top personnel, including Rashmi Saluja.

In a regulatory filing, REL said that the Enforcement Directorate officials had conducted searches on the premises of key managerial personnel/senior officials, namely Rashmi Saluja, Executive Chairperson; Nitin Agarwal, Group CFO; Nishant Singhal, Group General Counsel of Religare Enterprises Ltd; and Chirag Jain, Chief Operating Officer of Religare Finvest Ltd (a wholly owned subsidiary of REL), on August 21, 2024.

The ED conducted a search in 2023 following a complaint by Vaibhav Gawli under sections 420, 120-B, 511, and 114 of the Indian Penal Code, 1860, which include offences of cheating and criminal conspiracy, etc., with an intention to defraud the complainant and other shareholders of Religare Enterprises.

After Gawli’s 2023 FIR, the ED launched an inquiry into the matter.

The Gawli’s FIR named 14 people as accused, including the erstwhile promoters of REL (Shivinder Mohan Singh and Malvinder Mohan Singh) and the four acquirer companies of the Burman Group that made the open offer to the shareholders of REL (MB Finmart Pvt Ltd, Puran Associates Pvt Ltd, VIC Enterprises Pvt Ltd, and Milky Investment & Trading Company).

The 2023 FIR also named members of the Burman family—Mohit Burman, Vivek Chand Burman, Monika Burman, Anandchand Burman, Mini Murman, Adityachand Burman—Abhay Kumar Agarwal (associated with the acquirers) and JM Financial Ltd (manager of the open offer).