India’s Supreme Court has mandated the Central Bureau of Investigation to conduct an independent review of allegations linked to Sammaan Capital, formerly Indiabulls Housing Finance, amid ongoing scrutiny over suspected financial misconduct and multiple allegations including fraud and share-price manipulation.
India’s Supreme Court has ordered the Central Bureau of Investigation to independently review all six allegations the Enforcement Directorate raised against Indiabulls Housing Finance and related entities, widening a long-running scrutiny of the lender now known as Sammaan Capital. The court said the CBI’s examination must not be shaped by conclusions reached earlier by Delhi Police’s Economic Offences Wing, and it listed accusations including fraud, diversion of funds, loan evergreening, criminal conspiracy and share-price manipulation.
The case centres on a string of financial transactions the ED says deserve fresh examination, including loans of about Rs 1,693 crore linked to Americorp Group. According to the agency, some of the money was routed back into shares of entities associated with Indiabulls. The court also directed Mumbai’s special judge handling Prevention of Money Laundering Act matters to decide the CBI’s request for further investigation into a separate Rs 1,574-crore transaction within two weeks of August 24, while the EOW has been told to finish its pending probe and file an updated status report.
Sammaan Capital, which changed its name from Indiabulls Housing Finance in July 2024 after regulatory approvals from the Registrar of Companies and the Reserve Bank of India, said the court’s order amounted to a clean bill of health for the company itself. In a statement, the lender said the Supreme Court had asked the CBI to look into allegations involving its former promoter and that it was not an accused. The company also stressed that it has had no link with its erstwhile promoter, Sameer Gehlaut, since he divested his holding in 2023, and said International Holding Company, the Abu Dhabi-based investor that now controls the board, has established a clear separation between the business and its previous ownership.
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