ED searches Essel Group companies in Religare Finvest money laundering case

The Enforcement Directorate (ED) on Thursday said it raided companies of Essel Group in Mumbai and recovered “incriminating” documents as part of its ongoing money laundering investigation linked to alleged diversion of funds worth over Rs 2,000 crore from Religare Finvest Limited (RFL).

The federal agency said in a statement that premises linked to Konti Infrapower and Multiventures Pvt Ltd, Edison Infrapower and Multiventures Pvt Ltd, Asian Satellite Broadcast Ltd, Widescreen Holdings Pvt Ltd, Jayneer Capital Pvt Ltd, Spirit Infrapower and Multiventures Pvt Ltd and the residential premises of a former senior official of the Essel Group (who was not named) were raided on Wednesday.

Meanwhile,Essel Group said the search conducted by the ED was related to an enquiry regarding Religare Group. 

“Essel Group extended complete co-operation to the officials and provided all the relevant documents and explanations,” a company statement said. “The Essel Group wishes to state, as per the panchnama, no ‘incriminating’ documents were found or seized. As far as the Rs 150 crore loan is concerned, the same has been repaid/settled and there was no wrongful loss was caused by Essel Group,” the company spokesperson said.