**Mumbai: Special PMLA Court Issues Notice in Rs 179 Crore Money Laundering Case Involving Former Religare Executives**
The special PMLA court has issued a notice to Rashmi Saluja, former Executive Chairperson at Religare Enterprises Ltd (REL) and non-executive chairperson at Care Health Insurance Ltd (CHIL), along with four others. This follows the Enforcement Directorate’s (ED) submission of a prosecution complaint accusing them of money laundering.
### Details of the Alleged Money Laundering
On Monday, the ED filed a prosecution complaint for alleged money laundering amounting to Rs 179.54 crores. Those named in the complaint include Rashmi Saluja, Nishant Singhal (former President and General Counsel at REL), Nitin Aggarwal (former Group CEO, REL), Vaibhav Gawli (office assistant at Happy Tail Pet Café), and Pratap Venugopal (former Retainer for REL and Independent Director at CHIL).
### Alleged Manipulation of ESOPs
According to the ED, on November 29, 2021, under Rashmi Saluja’s leadership, the Employee Stock Option Plan (ESOP) pool was expanded from 12.5% to 15%. Subsequently, on December 28, 2021, Saluja proposed granting 2,27,11,327 shares of CHIL to herself, as well as to Singhal and Aggarwal. The ED claims this number corresponded to the expanded 2.5% ESOP pool.
### Claims of Collusion and Regulatory Violations
The Enforcement Directorate alleges that Saluja, in collusion with Singhal and Aggarwal, exploited her position to unlawfully benefit through ESOPs in CHIL. It is claimed that she approved her own name along with Singhal’s and Aggarwal’s for ESOP grants without any discussion or prior approval from the boards or management of REL and CHIL.
### Ignoring IRDAI Approval
The complaint further states that even after the Insurance Regulatory and Development Authority of India (IRDAI) declined approval for these ESOP grants, the company proceeded with the transfers. This action was reportedly based on legal opinions obtained by Venugopal from senior advocate Arvind Datar and retired IAS officer J Hari Narayan.
### Alleged Misrepresentation of Legal Opinions
The ED also alleges that Venugopal and Singhal misrepresented the legal opinion to justify granting ESOPs to Saluja in her capacity as an REL employee, bypassing IRDAI approval. Additionally, the agency claims that the draft opinion by advocate Datar was edited to align with their personal interests, thereby compromising its integrity.
### Objective of the Alleged Scheme
“The ultimate objective of this coordinated effort was to unlawfully secure a substantial equity stake in CHIL for Saluja through the grant of ESOPs,” the ED said in its complaint. The agency described this as a blatant manipulation of legal advice and a disregard for board authority and regulatory guidelines, marking it as a premeditated scheme to acquire an unjustified financial interest in CHIL, contrary to both governance norms and the IRDAI’s regulatory framework.
### Discrepancy in Share Rates
The complaint also highlights a discrepancy in share prices. It claims that Saluja was granted ESOPs at Rs 45.32 per share, whereas REL invested in CHIL shares at an inflated rate of Rs 110 per share. Out of the Rs 250 crores raised by CHIL, Rs 192 crores reportedly came from REL.
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https://www.freepressjournal.in/mumbai/mumbai-news-special-pmla-court-issues-notice-to-ex-religare-chairperson-rashmi-saluja-others-over-179-crore-money-laundering-case