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Rashmi Saluja, former executive chairperson of Religare Enterprises Ltd, along with four others, has been summoned by a special PMLA court in connection with a money laundering case linked to Employee Stock Option Plans. The Enforcement Directorate’s complaint alleges a conspiracy involving bribery and filing of a bogus FIR to block the Burman family from taking control of the company. The court observed that the offence is serious, involving public fund losses and financial instability concerns. All accused have been directed to appear on June 11, while the alleged proceeds of crime are estimated at INR 179.54 crore.
A special court in Mumbai dealing with Prevention of Money Laundering Act (PMLA) cases has issued summons to Rashmi Saluja, former executive chairperson of Religare Enterprises Ltd, along with four other individuals in a case linked to alleged misuse of Employee Stock Option Plans (ESOPs).
The court has also directed former President and General Counsel of Religare Enterprises Ltd, Nishant Singhal, former Group Chief Financial Officer Nitin Aggarwal, and two others to remain present before it. All the accused have been instructed to appear on June 11 for further proceedings in the matter.
During the hearing, the special judge observed that the allegations involve a serious economic offence. The court noted that such offences could lead to substantial losses to public funds and may impact the overall financial stability of the country. It further stated that the Enforcement Directorate’s prosecution complaint cannot be dismissed at this stage, as there appears to be sufficient prima facie material to proceed.
According to the Enforcement Directorate, the case is based on a police complaint filed in 2024, which includes allegations of criminal conspiracy and cheating. The agency has alleged that the accused were involved in bribing an individual to file a false FIR against members of the Delhi-based Burman family, who are shareholders in Religare Enterprises Ltd, with the intention of preventing their takeover of the company and retaining control along with financial benefits, including ESOP-related gains.
The alleged proceeds of crime in the matter have been estimated at INR 179.54 crore. The court also took note of a Bombay High Court order that had earlier dismissed petitions filed by Saluja and other accused seeking to quash the Enforcement Directorate complaint, while observing that sufficient prima facie material existed against them.
Source PTI
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