Mohit Burman: The Enforcement Directorate recently recorded the statement of Mohit Burman, Chairman of the Dabur Group, in the case of alleged misappropriation of funds at Religare Enterprises Limited. Though initiated based on a complaint by Vaibhav Gawli at the Matunga police station, the probe has now brought out possible links between the Dabur group and financial misbehavior in the beleaguered financial services firm.
Key Accused in the Case
The controversy essentially involves how huge sums of money were misappropriated and illegally siphoned off, resulting in a great financial loss to Religare as well as its shareholders. In this case, the FIR mentions a number of people and entities as accused, such as former directors of Religare Shivinder Mohan Singh and Malvinder Mohan Singh, besides prominent members of the Dabur Group like Mohit Burman, Vivechand Burman, and Monika Burman.
Questioning of Religare’s Independent Directors
Sources added that the probe had quizzed three independent directors of Religare as well. The ED is currently focusing on collating sufficient information from top stakeholders and those named in the First Information Report. The FIR accuses them of a massive criminal conspiracy involving funds, alleging unsecured loans amounting to ₹2,397 crore were sanctioned to related shell companies by Religare Finvest Limited, despite knowledge that these loans would not be repaid.
Integration of FIR
A fresh FIR has now come to the fore, further complicating the case, that involves Mohit Burman and Gaurav Burman of the Dabur Group in association with the Mahadev Betting App case. The FIR, though registered by the Mumbai Police, was later incorporated in Chhattisgarh into the Enforcement Case Information Report by the ED. It has named 31 accused and was lodged by social activist Prakash Bankar in November last year.
Different investigations in process prove how grave the allegations are and how far-reaching their consequences will be. As the ED continues the inquiry, it engages high-profile individuals and major corporate entities, underpinning the criticality of financial governance and accountability toward the prevention of large-scale financial crimes. This may be a massive fallout for both the persons named and the financial world at large.
