The Enforcement Directorate (ED) has summoned three independent directors of Care Health Insurance, a subsidiary of Religare Enterprises, to appear on August 5 as part of a money laundering investigation.

Care Health Insurance's chairperson, Rashmi Saluja, is embroiled in a takeover dispute with the Burman family over Religare Enterprises. Saluja also serves as the executive chairperson of Religare Enterprises.

The ED's new case stems from a First Information Report (FIR) by the Mumbai police's Economic Offences Wing (EOW), which necessitates a predicate offense for a money laundering probe. In November last year, the Mumbai police filed a cheating case after a court directive, later transferring it to the EOW.

The complaint, by Vaibhav Gawli, a shareholder of Religare Enterprises, names Dabur group chairman Mohit Burman, his family, former Religare promoters Malvinder and Shivinder Singh, and others, totaling 14 accused. JM Financial, the manager of the Burmans' open offer, is also implicated.

An insider indicated the investigation is in its preliminary stages, prompting the summons for the independent directors. The ED seeks to verify the allegations and detect any money laundering linked to the open offer.

Summoned under section 50 of the Prevention of Money Laundering Act (PMLA), individuals can be represented by legal counsel initially or request a postponement. The directors, SL Mohan, Asha Nair, and Hamid Ahmed, must provide details on all Employee Stock Option Plans (ESOPs) issued since FY19.

Last month, the Insurance Regulatory and Development Authority of India (IRDAI) ordered Care Health Insurance to buy back 7.56 million shares allocated to Rashmi Saluja at ₹45.32 per share, citing rule violations.