Probe alleged money siphoning by erstwhile promoters: Religare to ED

Religare Enterprises Ltd (REL) on Saturday said it has requested Enforcement Directorate to expedite investigation into money allegedly siphoned off by erstwhile promoters.

ED officials, on the basis of a complaint by the present management of Religare Finvest Ltd (RFL) -- a subsidiary of REL -- and pursuant to the ongoing investigation with respect to corporate loan book, collected relevant information/documents on January 5, 2024 to expedite the investigation as per request made by RFL recently, REL said in a filing.

REL said it 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.

RFL has promised its lenders that they will make all possible efforts to recover siphoned off funds and in line with the same, RFL has commissioned a forensic audit to trace assets/money trail.