According to the agency, the Religare group’s financial services arm granted loans worth ₹150 crore to those Essel companies in March 2014, and these loans were allegedly defaulted by way of executing a fraudulent settlement agreement in January 2018 in connivance with the erstwhile management and officials of RFL and an entity named Oscar Investments Ltd.
ED conducted searches at three locations in Mumbai belonging to Konti Infrapower and Multiventures, Edison Infrapower and Multiventures, Asian Satellite Broadcast, Widescreen Holdings, M/s Jayneer Capital, Spirit Infrapower, and Multiventures and the residential premises of a former senior official of Essel group.
An Essel Group spokesperson said the agency conducted searches at two premises of the group pertaining to the enquiry regarding Religare Group. “Essel Group extended complete co-operation to the officials and provided all the relevant documents and explanations,” the person said.
“Essel Group wishes to state, as per the Panchnama, no ‘incriminating’ documents were found or seized. As far as the ₹150-crore loan is concerned, the same has been repaid/settled and there was no wrongful loss caused by Essel Group,” the spokesperson said.
ED’s money laundering case against erstwhile Religare promoters Malvinder and Shivinder Mohan Singh and its former chairman and managing director, Sunil Godhwani, is based on a case registered by the Delhi Police’s Economic Offences Wing.
