2 weeks ago
Indiabulls Says EOW Report Finds No Loan-Case Wrongdoing
A group called the Citizens Whistle Blower Forum accused Indiabulls Housing Finance of giving questionable loans.
They alleged that some loan money was moved to companies connected to the promoter, Sameer Gehlaut.
The Supreme Court of India ordered the Central Bureau of Investigation to investigate these claims.
A Delhi Economic Offences Wing report said all 197 loans had been fully repaid and closed.
It also said the company did not suffer financial losses in several major loan groups.
The loans reportedly earned more than ₹2,800 crore in interest and fees.
Seven loans to the Reliance ADA Group were also repaid, but that part of the investigation is still continuing.
Indiabulls said Gehlaut was not involved in approving the loans.
Indiabulls said a Delhi Economic Offences Wing status report found all 197 loan accounts fully repaid and closed.
The report recorded no financial loss for the DLF, Vatika, Chordia, and Americorp groups.
The company said the loans generated more than ₹2,800 crore in interest and fees.
Seven Reliance ADA Group loans totaling ₹1,574 crore were repaid and closed, although that investigation remains ongoing.
The Supreme Court of India has ordered a Central Bureau of Investigation probe into allegations involving Indiabulls Housing Finance and associated entities.
- Who
- Indiabulls Housing Finance, now Sammaan Capital; Sameer Gehlaut; the Citizens Whistle Blower Forum; the Economic Offences Wing; and the Central Bureau of Investigation.
- What
- Indiabulls reported that an Economic Offences Wing status report found the relevant loans repaid and recorded no financial loss in several groups, while a separate Central Bureau of Investigation probe into allegations has been ordered.
- Where
- The litigation began in the Delhi High Court and later moved to the Supreme Court of India; the status report was filed by the Delhi Economic Offences Wing.
- When
- The Supreme Court order was dated 28 July 2026, and the Economic Offences Wing report was dated 11 August 2026; Indiabulls provided its exchange update on 19 August.
- Why
- The report followed allegations that approximately ₹8,000 crore in loans had been improperly extended and allegedly channelled to promoter-linked entities.
Allegations and Investigation
Company and Status-Report Findings
Loan handling
Allegations and Investigation
The Citizens Whistle Blower Forum alleged that approximately ₹8,000 crore in questionable loans were extended to major business groups and then channelled to promoter-linked entities.
Company and Status-Report Findings
Indiabulls said the Economic Offences Wing found the relevant transactions genuine, with disbursements and repayments properly reflected in company bank accounts.
Promoter involvement
Allegations and Investigation
The PIL alleged that loan arrangements helped promoter-owned entities build personal wealth.
Company and Status-Report Findings
Indiabulls said Sameer Gehlaut was not a member of the Credit Committee and had no role in loan sanction or approval.
Current findings and next steps
Allegations and Investigation
The Supreme Court ordered a Central Bureau of Investigation probe, and the investigation concerning the Reliance ADA Group remains ongoing.
Company and Status-Report Findings
The company said all 197 loan accounts were repaid and closed, with no financial loss recorded for several groups and no diversion found in the cited reviews.
Key facts
- Loan accounts
- 197 accounts were reported as fully repaid and closed.
- Interest and fees
- The company said it realized more than ₹2,800 crore over the loan tenures.
- Reliance ADA Group loans
- Seven loans totaling ₹1,574 crore were fully repaid and closed.
- Alleged loan value
- The 2019 PIL alleged that approximately ₹8,000 crore in dubious loans had been extended.
- Reported findings
- For the DLF, Vatika, Chordia, and Americorp groups, the report recorded no financial loss and said transactions were reflected in the company's bank accounts.
- Additional reviews
- Indiabulls said examinations by the Securities and Exchange Board of India and a National Housing Bank special audit found no diversion or abnormal retention of loan funds.
- Investigation status
- The investigation concerning the Reliance ADA Group was recorded as ongoing, despite repayment and closure of those loans.
Sources
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