ED Files FIR Against Religare’s Rashmi Saluja, Others In False Allegations Case Of Dabur Group

The Enforcement Directorate (ED) has filed a First Information Report (FIR) against Rashmi Saluja, Executive Chairperson of Religare Enterprises (REL) and two other senior officials in connection with a 2023 case involving false accusations against the Burman family of the Dabur Group.

The FIR names Rashmi Saluja, group CFO Nitin Agarwal, president and general counsel Nishant Singhal, and Vaibhav Gawli as the accused. The charges listed in the FIR, filed on September 6, include sections 420 (cheating) and 120B (criminal conspiracy) of the Indian Penal Code.

On 23 August, ED officials conducted searches at the residences of top Religare executives, including Saluja.

According to a regulatory filing by REL, the searches occurred on 21 August 2024 and involved key figures such as Rashmi Saluja, Nitin Agarwal, Nishant Singhal, and Chirag Jain, COO of Religare Finvest (a subsidiary of REL).

The ED's investigation began in 2023 following a complaint by Vaibhav Gawli, which alleged cheating and criminal conspiracy aimed at defrauding him and other REL shareholders. Gawli's FIR also implicated 14 other individuals, including former REL promoters Shivinder Mohan Singh and Malvinder Mohan Singh, and the four companies from the Burman Group that made an open offer to REL shareholders: MB Finmart, Puran Associates, VIC Enterprises and Milky Investment & Trading Company.

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