ED Interrogates Dabur Group Chairman Over Religare Funds Misappropriation

The alleged misappropriation and unlawful diversion of funds from the financial services firm have reportedly resulted in substantial financial losses for both the company and its shareholders

The ED investigation began after Vaibhav Gawli filed a complaint at the Matunga police station

Source : PTI

The Enforcement Directorate (ED) has recorded the statement of Mohit Burman, Chairman of the Dabur Group in the ongoing investigation into the alleged misappropriation of funds at Religare Enterprises Limited. An official said on Tuesday that Burman has been identified as one of the accused in the case.

The alleged misappropriation and unlawful diversion of funds from the financial services firm have reportedly resulted in substantial financial losses for both the company and its shareholders.

The ED investigation began after Vaibhav Gawli filed a complaint at the Matunga police station. Gawli alleged that former directors of Religare, along with several directors from the Dabur Group and others, were implicated in the purported financial misconduct.

According to an India Today report citing sources, the agency has also recorded statements from three independent directors of Religare. The investigation is still in its early stages, with the ED concentrating on gathering information from key stakeholders and individuals named in the FIR.

The FIR alleges that former Religare directors Shivender Mohan Singh and Malvinder Mohan Singh and their associates were involved in a major criminal conspiracy. Additionally, the complaint names entities such as MB Fin Mart Pvt Ltd and individuals including Mohit Burman, Vivechand Burman, and Monika Burman, accusing them of having close connections to those involved in the systematic diversion of funds from Religare and its subsidiaries.

A significant allegation against Malvinder Mohan Singh is that he, along with Shivender Mohan Singh and Sunil Godhwani, allegedly coerced Religare Finvest Limited (RFL) into granting unsecured loans of Rs 2,397 crore to affiliated shell companies, fully aware that these loans would not be repaid.

In a related development, another FIR filed at the Matunga police station has emerged, connecting Mohit Burman and Gaurav Burman of the Dabur Group to the Mahadev Betting App case.

This FIR, which names 31 individuals, was initially filed by the Mumbai Police and has since been incorporated into the Chhattisgarh ECIR by the ED. The complaint, lodged by social activist Prakash Bankar from Matunga, was submitted in November last year.