Religare Executives Charged in Rs 179.54 Crore ESOP Scam

The Enforcement Directorate (ED) has officially charged former Religare Enterprises executive chairperson Rashmi Saluja in a Rs 179.54 crore scandal related to the company's Employee Stock Ownership Plan (ESOP). The chargesheet names Saluja as the main orchestrator of a conspiracy executed in collaboration with former executives and associates.

Also implicated in the chargesheet submitted to a PMLA court in Mumbai are Nitin Aggarwal, Nishant Singhal, Pratap Venugopal, and Vaibhav Gawli. The ED's case stems from a scheduled offence registered by Mumbai's Matunga police under IPC sections 420 (cheating) and 120(B) (criminal conspiracy), initially unearthed during another investigation.

The charges allege the manipulation was partly intended to block a takeover bid by the Burman family, ensuring the accused retained control and reaped financial benefits, including illicit ESOPs. The ED claims the unlawful scheme demonstrates a flagrant breach of corporate governance, driven by personal and professional enrichment goals.

(With inputs from agencies.)