IHFL fraud case?
The IHFL fraud case involves serious allegations of financial irregularities, fund diversion, and money laundering by Indiabulls Housing Finance Ltd (IHFL), now renamed Sammaan Capital Ltd, and its promoters. The case is being heard in the Supreme Court, where an NGO called Citizens Whistleblower Forum (CWBF) has filed a petition seeking a court-monitored investigation.
The CWBF alleges massive loans were extended by IHFL to shell companies with negligible financial worth, which then diverted funds back into promoter-related firms.
Loans exceeding ₹1,000 crore were given to companies with very low net worth, indicating possible round-tripping of funds.
Sameer Gehlaut, founder and chairman of IHFL, reportedly fled to London and has not responded to multiple summons by the CBI.
The Securities Exchange Board of India (SEBI) has submitted affidavits supporting the allegations.
The Enforcement Directorate (ED) also flagged irregularities, including dubious deals involving Yes Bank and Dewan Housing Finance, amounting to thousands of crores.
The Ministry of Corporate Affairs (MCA) has been accused of condoning corporate governance violations and compounding irregularities by IHFL.
The petition has witnessed heated exchanges in the court between advocates representing different parties, showing the complexity and high-profile nature of the matter.
The IHFL fraud case centers on allegations that large-scale financial manipulations, including questionable loans and corporate governance breaches, were conducted by IHFL and its promoters, with investigations ongoing by multiple agencies including the CBI and ED, and scrutiny by the Supreme Court.
