Archive · 20 Aug 2026
EOW Finds No Direct IHFL Link to Gehlaut Entities
Delhi Police investigators examined claims about loans from Indiabulls Housing Finance, or IHFL.
The claims said some borrowers may have used loan money to help companies connected to Sameer Gehlaut.
The investigators studied bank records, loan documents and information from government agencies.
They looked at business groups including DLF, Chordia, Vatika and Americorp.
The EOW said it did not find a direct money trail connecting the loans to Gehlaut-linked companies.
In the DLF case, the questioned investment happened about 17 months before the relevant loan.
In the Vatika case, the investment happened more than two years before the relevant loan.
The EOW also said a ₹50-crore payment in the Chordia matter was recorded as fees for real-estate services.
Its report is now before the Supreme Court, but the court has not made a final judicial finding.
The Delhi Police EOW told the Supreme Court it found no direct financial link between IHFL loans and Gehlaut-associated entities in the DLF, Chordia and Vatika cases.
The investigation followed an Enforcement Directorate complaint alleging that some loan funds were used for purposes other than those sanctioned.
For DLF, 67 loans totaling ₹2,212.65 crore were closed; the questioned ₹66-crore investment preceded the relevant loan by about 17 months.
The EOW said a ₹50-crore Chordia-related payment to Indiabulls Real Estate was documented as professional and advisory fees.
Across five corporate groups, 197 loan accounts totaling ₹8,267.86 crore in sanctioned loans were shown as closed, with ₹11,073.77 crore in gross collections.
- Who
- The Delhi Police Economic Offences Wing investigated allegations involving Sameer Gehlaut, IHFL, and the DLF, Chordia, Vatika, Americorp and Reliance ADAG groups.
- What
- The EOW reported that its investigation found no direct financial or documentary link between the relevant IHFL loans and investments in Gehlaut-associated entities.
- When
- The FIR was registered on December 15, 2025, and the report was filed in compliance with the Supreme Court’s July 28, 2026 order.
- Where
- The status report was filed before the Supreme Court, following an investigation by the Delhi Police EOW.
- Why
- The investigation followed an Enforcement Directorate complaint alleging that some corporate borrowers used IHFL loan funds for purposes other than those sanctioned, including alleged investments in Gehlaut-linked entities.
EOW Findings
Allegations Under Investigation
Loan proceeds and Gehlaut-linked investments
EOW Findings
The EOW said it found no financial trail or documentary evidence showing that IHFL loan funds were routed to entities associated with Gehlaut.
Allegations Under Investigation
The Enforcement Directorate complaint alleged that some corporate borrowers used IHFL funds for purposes other than those sanctioned, including investments in Gehlaut-linked entities.
Timing of DLF and Vatika transactions
EOW Findings
The EOW emphasized that the DLF-related investment preceded the relevant loan by about 17 months, while the Vatika-related investments preceded it by more than two years.
Allegations Under Investigation
The allegations concerned whether the investments were connected to IHFL financing despite the reported timing differences.
₹50-crore Chordia-related payment
EOW Findings
The EOW said the payment from Built To Live Realty LLP to Indiabulls Real Estate was supported by tax invoices, bank records, ledgers and audited statements, and was recorded as professional and advisory fees.
Allegations Under Investigation
The payment had been alleged to be a quid-pro-quo arrangement connected with the loan-related transactions.
- Lender
- Indiabulls Housing Finance Ltd, now known as Sammaan Capital Ltd
- FIR date
- December 15, 2025
- DLF loans
- 67 loans totaling ₹2,212.65 crore; all accounts were closed
- Chordia loans
- Six loan accounts totaling ₹1,490 crore; all were repaid and closed
- Vatika loans
- 113 loans totaling ₹2,832.21 crore; all accounts were repaid and closed
- Five-group total
- 197 accounts, ₹8,267.86 crore in sanctioned loans and ₹11,073.77 crore in gross collections; all accounts were shown as closed
- Report status
- The EOW’s observations are investigative findings and do not constitute a judicial finding by the Supreme Court
