Religare urges ED to investigate suspected money diversion by former promoters

Religare Enterprises Ltd (REL) has urged the Enforcement Directorate (ED) to accelerate its inquiry into the alleged diversion of funds by former promoters.

Following a complaint from the current management of Religare Finvest Ltd (RFL), a subsidiary of REL, ED officials gathered pertinent information/documents on January 5, 2024, as part of the ongoing investigation into the corporate loan book.

REL disclosed this information in a filing, emphasizing its commitment to recovering the misappropriated amount from REL and its subsidiaries, which allegedly involves former promoters Malvinder Mohan Singh, Shivinder Mohan Singh, and their associates.

Various investigations and legal proceedings have been initiated by multiple agencies to scrutinize these transactions. RFL, aligning with its commitment to lenders, has undertaken a forensic audit to trace the assets and money trail, assuring diligent efforts to reclaim the misappropriated funds.

(With input from PTI)