**Mumbai: ED Files Chargesheet Against Former Religare Executive Rashmi Saluja in Rs 179.54 Crore ESOP Scam**
The Enforcement Directorate (ED) has filed a chargesheet against Rashmi Saluja, former executive chairperson of Religare Enterprises (REL), in connection with a Rs 179.54 crore scam linked to the Employee Stock Ownership Plan (ESOP). The agency has described Saluja as the “principal architect of the conspiracy” orchestrated in collusion with co-accused individuals.
Apart from Saluja, the chargesheet—recently submitted before a PMLA court in Mumbai—names former Religare group executives Nitin Aggarwal, Nishant Singhal, Pratap Venugopal, and Vaibhav Gawli as accused in the case.
The ED’s investigation is based on a scheduled offence registered by Mumbai’s Matunga police under IPC sections 420 (cheating) and 120B (criminal conspiracy).
### Background of the ESOP Scam
The alleged manipulation of the ESOP scheme by Saluja and others came to light during an investigation into a different FIR filed by Vaibhav Gawli against the Burman family—one of the largest REL shareholders and owners of the Dabur group. During the probe, Gawli admitted that the FIR was filed at the behest of Saluja, Singhal, and Aggarwal.
Gawli disclosed that he purchased REL shares using funds provided by the accused and registered the complaint against the Burman family under their inducement, which ultimately led to the police case against Saluja and others.
According to the chargesheet, the accused offered Rs 2,00,000 to Gawli to buy REL shares and file the complaint against the Burman family. The ED alleges that this conspiracy was aimed at obstructing the Burman family’s takeover of REL, allowing the accused to retain sole control and reap various financial benefits, including illegal ESOPs.
### What Is ESOP?
ESOP (Employee Stock Ownership Plan) is a program that enables employees to acquire shares in the company they work for, making them partial owners.
### ED’s Actions and Findings
The ED previously conducted searches and froze shares of CHIL, a subsidiary of REL, that were obtained by Saluja, Aggarwal, and Singhal through ESOPs. These shares were classified as “proceeds of crime” by the agency.
The probe estimates the illicit gains in the scam at approximately Rs 179.54 crore.
The chargesheet details that Saluja, who was then non-executive chairperson of CHIL and executive chairperson of REL, masterminded the conspiracy with co-accused Aggarwal, Singhal, and Venugopal. The scheme involved the unlawful acquisition of significant equity interest in CHIL through unauthorized ESOP grants.
The conspiracy, the ED alleges, was complex and multifaceted, extending beyond personal enrichment.
### Allegations Against Rashmi Saluja
The central agency has accused Saluja of misusing her position and authority by approving ESOP grants in her own favor, as well as for Singhal and Aggarwal, in violation of company policies. She allegedly unilaterally decided the number of options to be granted, disregarding corporate governance norms.
The ED terms these actions as a blatant misuse of power aimed at making unlawful gains through ESOPs.
—
*Disclaimer: This story is from a syndicated feed. No changes have been made except for the headline.*
https://www.freepressjournal.in/business/ed-files-chargesheet-against-principal-architect-of-conspiracy-former-executive-chairperson-of-religare-enterprises-in-17954-crore-scam
