ED searches Essel Group companies in RFL money laundering case deccanherald.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from deccanherald.com Daily Mail and Mail on Sunday newspapers.
The Competition Commission of India approves the acquisition of a 5.27% stake in Religare Enterprises by entities controlled by the Burman family, along with a subsequent open offer for an additional 26% stake.
The supplementary charge sheet will also put a spotlight on monies allegedly diverted to foreign shores by Singh brothers and co-accused. The federal agency has received information from some of the countries where the alleged proceeds of crime were parked, said people quoted above.
The Religare Finvest Ltd (RFL) money laundering probe by the Directorate of Enforcement (ED) has found that funds were was diverted to British tax haven Jersey, according to people in the know.
ED s money laundering probe on Religare Finvest Ltd reveals diversion of funds to British tax haven Jersey. Response to letter rogatory (LR) by Jersey authorities being examined. ₹2,036.69 crore allegedly embezzled from RFL. Former Fortis promoters Malvinder and Shivinder Mohan Singh charged with fund diversion. Singh brothers also allegedly diverted money to M3M India Holdings. Fresh evidence leads to ED raids at multiple locations. Complaint by Religare triggers investigation. Chargesheet filed in January 2020 reveals siphoning off public funds. Battle for control between Religare Enterprises Ltd and Burmans of Dabur Group.