Indiabulls says the EOW status report does not mention any wrongdoing in a major loan case

Indiabulls, on Wednesday, 19 August, offered updates to exchanges on hearing in public interest litigation (PIL) against the promoter of the company, as the Supreme Court of India has ordered a Central Bureau of Investigation (CBI) probe into the allegations against Indiabulls Housing Finance (now Sammaan Capital) and its associated entities.

A public interest litigation filed by the Citizens Whistle Blower Forum way back in 2019 before the Delhi High Court alleged that Gehlaut had extended dubious loans worth about ₹8,000 crore to major business groups, which then allegedly channelled those funds to promoter-owned entities to illegitimately build personal wealth. The case moved to the Supreme Court after the high court refused to order a court-monitored probe in 2024.

Pursuant to the order of the Hon'ble Supreme Court dated 28 July 2026, the Additional Commissioner of Police, Economic Offences Wing (EOW), Delhi, filed a status report dated 11 August 2026 recording that all 197 loan accounts stand fully repaid and closed. Collections exceeded the amount sanctioned in every group, the company having realised interest in excess of ₹2,800 crore in interest and fees over the loan tenures.

Status Report of the Economic Offences Wing

As per the company's exchange filing, in respect of the DLF, Vatika, Chordia, and Americorp groups, the status report recorded that no financial loss was caused to the company, and that loan disbursements and repayments in the company's books were duly reflected in its bank accounts, confirming the genuineness of the transactions. Examinations by SEBI, including its Investigation Department and forensic accounting wing, together with the National Housing Bank Special Audit, did not reveal diversion or abnormal retention of loan funds.

All 7 loans to Reliance ADA Group, aggregating ₹1,574 crore, stand fully repaid and closed. The investigation regarding this group is recorded as ongoing.

The loans in question were sanctioned in the ordinary course of business by the Credit Committee of the company, comprising company executives, chaired by the Chief Executive Officer.

Sameer Gehlaut, during his tenure as Chairman, was not a member of the Credit Committee and had no role in loan sanction or approval. He ceased to be a promoter of the company in 2023, said the company.

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