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Mumbai: Religare Enterprises (REL) Chairperson Dr. Rashmi Saluja faces fresh trouble as the Mumbai Police has asked her to join its probe in the case involving Employee Stock Ownership Plans (ESOPs) granted to her, sources said. Earlier, the Enforcement Directorate (ED) had summoned her in connection with an alleged money laundering investigation.
According to sources, Rashmi Saluja was summoned by the Economic Offence Wing (EOW) of Mumbai Police and asked to join the probe on November 11. However, she skipped the summons. The ED had filed a case with the Matunga police which has now been transferred to the EOW. In the FIR, the ED has alleged that the accused obtained benefits worth Rs 179 crore by acquiring ESOPs at significantly lower prices.
The EOW has already been probing the allegations made by a shareholder against the open offer made by the Burmans. Now, the two cases are being clubbed and the probe will ascertain the allegations made by the ED, said a senior police official privy to the investigation. Älong with Saluja, the other two senior executive of the company named in the FIR were also summoned to join the probe. We are yet to hear from them," added the source.
Sources further reveal that the city police have contacted insurance regulators regarding the matter. In July, the IRDAI had directed Care Health Insurance Ltd. (formerly Religare Health Insurance) to repurchase 7.57 million shares allotted to Saluja, the non-executive director and chairperson of Religare Enterprises. Additionally, a penalty of Rs 1 crore was imposed on the company for failing to secure prior approval for such remuneration.
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On September 6, the ED filed a first information report (FIR) against Saluja on charges of criminal conspiracy and cheating, along with an Enforcement Case Information Report (ECIR) under the Prevention of Money Laundering Act (PMLA).The ED is investigating Rs 200 crore plus worth of ESOPs issued to Saluja by Care Health Insurance, a subsidiary of Religare Enterprises.
Earlier in August, ED conducted searches at multiple premises linked to the senior officials at Religare Enterprises, including Rashmi Saluja, and seized several documents.
The said ED case originated from a First Information Report (FIR) filed by Vaibhav Gawli, an office assistant, alleging that funds were siphoned from Religare Finvest. The complaint accuses former Religare promoters Shivinder Singh, Malvinder Singh, and the Burman family – who had made an open offer to acquire a 26% stake in Religare Enterprises – among others.
However, ED found that Vaibhav Gawli, was allegedly given Rs 2 lakh and directed to purchase 500 shares of Religare Enterprises worth Rs 1.20 lakh to become a shareholder and eligible to file a complaint.The remaining Rs 80,000 was given to him for filing the police complaint against the Burman family.
During the investigation he further stated that the allegations made against the Burman Family in his complaint filed at Matunga Police Station are not known to him and these facts were mere reproductions of the facts stated in the papers handed by Rashmi Saluja for filing complaints against the Burman Family. the FIR states. He was also aware that Dr Rashmi Saluja had been diverting funds in the form of ESOPS from M/s REL and its subsidiaries. The purpose of the said complaint and FIR was to to derail” the proposed takeover of Religare and its subsidiaries, and obfuscate the detection of illegal gains accrued to Saluja through acquisition of Care Health stock options.
