Indiabulls transfer to Housing SC, which demands an immediate list of alleged abuse of money

On June 12, 2019, Indiabulls Housing Finance Limited (IHFL) moved the Supreme Court, requesting an immediate list of appeals against it, in which the company allegedly seized 98,000 crore rupees from public funds. AM Singhvi’s senior guard, who attended the company, ordered to include an essential list before a panel of judges, including Indira Bannerjee and Ajay Rastogi.

Singhvi told the station that in the petition, trivial claims were made against the company and the lawsuit was leaked to the media. He said that due to media reports about filing petitions against the company, IHFL, it has lost approximately Rs. 7,000 crore due to its market share. The bench said that it will take a decision during the inclusion day of the appeal.

Plea in SC seeks action against Indiabulls Housing, for the misappropriation of 98,000 crores of public funds

A petition submitted to the Supreme Court on June 10, 2019, claimed that funds estimated at thousands of crores had been seized by Indhubulls Housing Finance Limited (IHFL) chairman Samir Gehlaut and directors of Indiabulls, for their personal use. One of the IHFL’s shareholders, Abhay Yadav, claimed that Gehlaut, with the help of one of Harish Fabiani, a Spanish-based NRI, claimed to have created many “shell companies” that IHFL had lent huge sums of money under “fake” and non-existent excuses. These companies converted the loan amount to other companies, either managed, run or managed by Gehlaut.

“This chain of fraud was not possible at all, without contact with auditors, credit rating agencies and related government officials,” the appeal said. The request has also been requested to restore, protect and conserve the money of fraud and misleading investors from the Indian Securities and Exchange Commission (SEBI), the Center, the Reserve Bank of India (RBI), Income Tax Department or the competent authority.

The sole purpose of this great and big financial fraud was to get full public funds for innocent shareholders, PSU banks, private banks, etc. so that it could be made for the exclusive and criminal purposes of Gahlaut and his family members. It has been said in the report that Gilhooly and his gang, “Germans” did not leave any financial law to violate it. “He also claimed that The lot and his wife had knowingly received a bribe from alleged borrowers and misled the regulatory authorities.

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