NEW DELHI: The CBI informed the Supreme Court on Wednesday that it is not investigating any irregularities involving Indiabulls Housing Finance Limited (IHFL), currently known as Sammaan Capital Limited. The agency has found no wrongdoing related to the company’s disbursal of loans to corporate entities.
Additional Solicitor General SV Raju presented this information to the bench of Justices Surya Kant and Joymalya Bagchi, stating that there were no findings concerning allegations that Indiabulls distributed dubious loans.
Senior advocates Harish Salve and Mukul Rohatgi, representing the company’s promoters, claimed these allegations are fabricated, noting that the petitioner NGO Citizens Whistle Blower Forum had withdrawn several petitions regarding the same issue.
The bench remarked that all allegations warrant investigation, regardless of their veracity.
Due to time constraints, the Supreme Court adjourned the hearing on the petition.
On July 21, the Court reprimanded the CBI for not attending a hearing concerning Indiabulls despite prior notice.
Advocate Prashant Bhushan, representing the Citizens Whistle Blower Forum, had alleged earlier that Indiabulls, a non-banking financial entity, disbursed loans amounting to thousands of crores to companies, which subsequently funneled hundreds of crores back to the company’s promoters as unsecured loans.
“This is a scam. Even the Enforcement Directorate has acknowledged potential irregularities within the company but is still investigating. Similarly, SEBI indicated its inquiry but noted that it lacks the authority to investigate, referring the matter to relevant agencies,” Bhushan stated.
The petitioner NGO accused IHFL and its owners of issuing questionable loans to firms controlled by major corporate groups, which allegedly rerouted funds back to the promoters’ accounts to enrich their personal wealth.
Earlier, ASG Raju, representing the Enforcement Directorate, explained that the agency is investigating the matter and that the CBI could only pursue the case if there was a formal complaint and state consent.
On May 13, the Supreme Court requested a response from the CBI regarding a plea challenging a February 2, 2024, order from the high court.
The Court acknowledged submissions from the Ministry of Corporate Affairs and SEBI indicating potential irregularities committed by IHFL.
The ED has accused IHFL of irregularities related to two investigated cases, including one in Maharashtra, where public funds were allegedly misappropriated, resulting in a loss of approximately Rs 300 crore to investors.
