NEW DELHI: The country’s anti-money laundering agency Enforcement Directorate on Wednesday conducted raids at three premises of Essel Group companies in Mumbai in a probe into the `150 crore money laundering case against the former promoters of Religare Finvest Limited.
The premises covered during the search operation belong to Konti Infrapower & Multiventures Pvt Ltd, Edison Infrapower & Multiventures Pvt Ltd, Asian Satellite Broadcast Ltd, Widescreen Holdings Pvt Ltd, Jayneer Capital Pvt Ltd, and Sprit Infrapower & Multiventures Pvt Ltd. Residential premises of an ex- senior official of the Essel group was raided.
As per ED, raids have resulted in the recovery of incriminating documents and recording of spot statements of the officials of the companies under the provisions of Prevention of Money Laundering Act. ED initiated investigation on the basis of FIR registered by Economic offence wings, Delhi Police wherein Religare Finvest (RFL) made allegations against the following four companies of hatching a criminal conspiracy for causing wrongful loss to RFL by defaulting on a loan of Rs 150 crore.
The loan was given in March 2014 to the group companies of Essel -- Rs 50 crore to Konti Infrapower & Multiventures; Rs 40 crore to Widescreen Holdings; Rs 50 crore to Edison Infrapower & Multiventures and Rs 10 crore to Asian Satellite Broadcast.
As per ED, these firms defaulted on loan by fraudulently executing settlement agreements in January 2018 in connivance with erstwhile management and officials of RFL.