The Enforcement Directorate (ED) has conducted searches across several locations of Religare Finvest Ltd, a wholly owned subsidiary of Religare Enterprises (REL), in the National Capital Region as part of its efforts to expedite investigation in the money laundering case against erstwhile REL promoters.
The latest ED move comes on the back of REL management requesting the investigating agency to expedite the probe of funds siphoning by the erstwhile promoters and establish the money trail.
Already ED has recorded an ECIR in the case on the basis of FIR registered by the Economic Offences Wing (EOW), Delhi Police and arrested three persons — Malvinder Mohan Singh, Shivinder Mohan Singh and Sunil Godhwani. “Enforcement Directorate officials, on the basis of a complaint made by the present management of Religare Finvest Limited, wholly owned subsidiary company of REL, and pursuant to the ongoing investigation with respect to the Corporate Loan Book, collected relevant information/ documents on January 5, 2024 to expedite the investigation as per request made by RFL recently. The information and documents as advised were provided/submitted to the officials of the authority”, REL said in an exchange filing on Saturday.
It added that ED had conducted searches at various locations yesterday i.e. on January 5 to collect evidence which may he helpful in tracing the proceeds of the crime.
Meanwhile, the current management of REL said in a statement that “REL stands committed to recover the amount siphoned off from REL and its subsidiaries by the erstwhile promoters Malvinder Mohan Singh, Shivinder Mohan Singh and their associates and affiliates”.
Multiple cases have been initiated towards the same and various agencies are investigating these transactions. In a recent request made by RFL, ED was requested to expedite the ongoing investigations”.
RFL has promised its lenders that they would make all possible efforts to recover siphoned off funds. In line with the same, RFL has commissioned a forensic audit to trace assets/money trail, the REL statement added.