The Supreme Court has directed the CBI to independently review all allegations of fraud, fund diversion, and share price manipulation against Sammaan Capital, formerly Indiabulls Housing Finance, amidst a widening investigation into suspected financial misconduct.
The Supreme Court has ordered the Central Bureau of Investigation to conduct an independent review of all six allegations that the Enforcement Directorate has raised against Indiabulls Housing Finance, now known as Sammaan Capital, in a widening probe into suspected financial irregularities at the non-bank lender.
According to reports in Zee Business and other Indian media, the court said the CBI’s assessment must not rely on findings already reached by the Delhi Police Economic Offences Wing. The allegations include fraud, diversion of funds, loan evergreening, criminal conspiracy and manipulation of share prices.
The ED has also pointed to loans of about Rs 1,693 crore linked to Americorp Group, alleging that money was channelled back into shares of entities associated with Indiabulls. In a separate strand of the case, the Supreme Court asked the Special Judge hearing matters under the Prevention of Money Laundering Act in Mumbai to decide the CBI’s request for further investigation into a Rs 1,574-crore transaction within two weeks of August 24.
The Delhi Police EOW has meanwhile been told to finish its pending work on the Rs 1,574-crore transaction and file a fresh status report. The CBI has also been asked to revisit five allegations previously examined by the EOW and to submit a comprehensive report to the top court at a later stage.
Sammaan Capital said in a statement that the company had received a complete clean chit and was not an accused in the case. It said the dispute now relates to its former promoter, Sameer Gehlaut, and added that its current control rests with International Holding Company PJSC, the Abu Dhabi-based investor that took a major stake in the business.
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