ED conducts raids at Religare premises, Group chair, CFO faces scruitny

Raids on Religare: On Wednesday, the Enforcement Directorate has conducted raids at multiple locations associated with Religare Enterprise Limited, the company informed BSE on Friday. 

According to the release, ED also conducted searches at the premises of Rashmi Saluja, Executive Chairperson of the company, Nitin Garwal, Group CFO, Nishant Singhal, Group General Counsel of REL  and Chirag Jain, Chief Operating Officer of Religare Finvest Limited. 

"The Directorate of Enforcement officials had conducted searches at the premises of Key Managerial Personnel / senior officials namely Rashmi Saluja, Executive Chairperson, Nitin Agarwal, Group CFO, Nishant Singhal, Group General Counsel of REL  and Chirag Jain, Chief Operating Officer of Religare Finvest Limited, a wholly-owned subsidiary of the Company) on August 21, 2024," Religare wrote in the BSE filing. 

According to the company, the raids were related to an FIR filed against erstwhile promoters of Religare, Burman Group’s four acquirer companies, and members of the Burman Family namely Abhay Agarwal and JM Financial.

The company wrote, “The ED has frozen the ESOP Shares of Care Health Insurance Limited, the health insurance subsidiary of the Company (CHIL), received by Rashmi Saluja, Nitin Aggarwal and Nishant Singhal. Incidentally, the ESOP Shares of CHIL issued to Dr. Rashmi are the subject matter of an Order of IRDAI in respect of which an Appeal is pending before the Hon’ble Securities Appellate Tribunal."