Funds diversion from Religare: ED raids multiple premises

The Enforcement Directorate (ED) on Wednesday searched multiple premises in Mumbai as part of its money laundering probe related to diversion of funds from Religare Finvest Limited, a non-banking financial company of Religare Group.

The central agency raided the premises belonging to M/s Konti Infrapower & Multiventures Pvt Ltd, M/s Edison Infrapower & Multiventures Pvt Ltd, M/s Asian Satellite Broadcast Ltd, M/s Widescreen Holdings Pvt Ltd, M/s Jayneer Capital Pvt Ltd, Sprit Infrapower & Multiventures Pvt Ltd and the residential premises of a former senior official of the Essel Group.

The probe is based on an FIR registered by EOW, Delhi Police, in which Religare Finvest Ltd (RFL) made allegations against four companies of hatching a criminal conspiracy and causing wrongful loss to RFL by defaulting on a loan of Rs 150 crore.