Press Statement

Happy the law has taken its own course: Religare

Press Release: 10th January, 2020
The ED has chargesheeted the Singh brothers, Sunil Godhwani and others, under the PMLA Act, following a complaint registered by Religare with the EOW

We have learnt that the Enforcement Directorate(ED) has filed its charge sheet today and we are encouraged by this development, which brings to fruition, over 18 months of intensive effort and hard work of bringing to book, the perpetrators of the frauds. It also vindicates our claim that the erstwhile promoters and Sunil Godhwani were at the helm of affairs when the frauds were committed and in fact, used the powers vested in them, to commit fraud by siphoning off money from REL and RFL through shell entities controlled by the brothers.

Since then,Religare Finvest Limited (RFL) underwent a complete revamp of its Board of Directors and the new Board, comprising entirely of Independent Directors, hired a new management team to professionally manage the Company. The new management has since been striving to revive the company by resolving its asset liability mismatch and bringing the capital adequacy to desired regulatory levels. The company is now professionally managed and run with good governance practices forming the bedrock.

“We are happy that the law has taken its own course.The focus of the new Board and management is to ensure that the ethos of good governance, ethics and accountability become the hallmark of the Religare Group. All efforts continue to be made to rebuild the business, mobilise fresh capital and correct the transgression & legacy issues of the past. The management and internal controls at the Group and all subsidiaries’ level have also been revamped, bringing in much needed assurance to employees about a stable and action-oriented management.”, said Dr. Rashmi Saluja, Executive Chairperson of Religare Enterprises Limited.

For more information please contact: :
Kuldeep Singh Negi: +919711306379

About Religare Enterprises Limited:

Religare Enterprises Limited (REL) is a Core Investment Company which owns and manages an integrated financial services business and offers a wide array of financial services activities, viz. Religare Finvest Limited (SME Lending), Religare Health Insurance Limited (Health Insurance), Religare Broking Limited (Retail Equity & Commodity Broking) and Religare Housing Development Finance Corporation Limited (Housing Finance).

Find out more at