The Enforcement Directorate (ED) on January 25 conducted searches in a money laundering probe for allegedly diverting and siphoning off funds from Religare Finvest Limited (RFL), a non-banking financial company of Religare Group.
The premises covered during the operation in Mumbai belong to Konti Infrapower & Multiventures Private Limited, Edison Infrapower & Multiventures Private Limited, Asian Satellite Broadcast Limited, Widescreen Holdings Private Limited, Jayneer Capital Private Limited, Sprit Infrapower & Multiventures Private Limited, and the residential premises of a former senior official of the Essel group, said the agency on January 25.
The search resulted in the seizure of incriminating documents and recording of statements of the officials of the companies., according to the ED statement.
The ED probe is based on a first information report (FIR) registered by the Economic Offences Wing (EOW) of the Delhi police wherein RFL had accused four companies of conspiring to cause a wrongful loss to it by defaulting on a loan of ₹150 crore.
The loan was given in March 2014 to the group companies of Essel viz. ₹50 crore to Konti Infrapower & Multiventures; ₹40 crore to Widescreen Holdings; ₹50 crore to Edison Infrapower & Multiventures; and ₹10 Crore to Asian Satellite Broadcast.
The companies allegedly defaulted on the loan by executing a “fraudulent” settlement agreement in January 2018 in connivance with the erstwhile management and officials of RFL and one entity named Oscar Investments Limited, the ED said.
