Economic Offences Wing Confirms All Loans Repaid in Full as Investigations into Promoter Allegations Conclude

Economic Offences Wing Confirms All Loans Repaid in Full as Investigations into Promoter Allegations Conclude​

Indiabulls Limited has provided an update confirming that all loans granted across five major corporate borrower groups have been fully repaid and closed. The status report, filed by the Economic Offences Wing (EOW) of Delhi Police, detailed findings regarding allegations concerning quid pro quo arrangements and fund diversion related to these transactions.

The proceedings against the company's promoter originated from a Public Interest Litigation (PIL) filed in 2019 by the Citizens Whistle Blower Forum before the Delhi High Court. A Division Bench of the Hon'ble Delhi High Court dismissed the petition on February 2, 2024, holding that the allegations lacked merit and were unsubstantiated. Subsequently, the petitioner filed a Special Leave Petition (Civil) No. 2993 of 2025 before the Supreme Court of India. Following this, FIR No. 175/25 dated December 15, 2025, was registered at the PS Economic Offences Wing, Delhi, under Sections 420/406/120-B IPC based on a complaint by the Directorate of Enforcement.

Loan Status and Collections​

A certificate verified by M/s N.D. Kapur & Co., Chartered Accountants, confirmed that all 197 loan accounts across the five corporate groups stood fully repaid and closed. The gross collection consistently exceeded the amount sanctioned in every group, allowing the company to realize significant interest income over the loan tenures.

The aggregated details of the loans are presented below:

Findings on Allegations and Fund Diversion​

The Status Report detailed the investigation's findings regarding the allegations of quid pro quo for the DLF, Vatika, Chordia, and Americorp groups:

• DLF Group: The report found no financial loss to the company. Regarding the alleged investments into entities associated with the erstwhile promoter, investigations concluded that these purchases were made prior to relevant borrowings from Indiabulls Housing Finance Limited (IHFL), which negated the claim that loan funds were used for those investments.
• Americorp Group: The Americorp group loans were fully redeemed and returned by FY 2018-19. Investigations regarding the alleged use of funds for share trading or international siphoning concluded with no conclusive evidence found to support the allegations, and the matter was treated as closed by SEBI's investigation teams.
• Vatika Group: The report stated that the investigations conducted by SEBI and the National Housing Bank (NHB) Special Audit did not reveal any abnormal retention or diversion of loan funds from the Vatika Group companies to entities associated with the promoter.
• Chordia Group: Similarly, the examination found no evidence connecting the loans granted by IHFL to investments made in entities associated with the promoter. The payment of ₹ 50 crore as professional fees to Indiabulls Real Estate Limited (IBREL) was supported by tax invoice and banking records; SEBI determined that the payment could not be concluded to have been made for the personal benefit of the promoter.

CBI Investigation and Governance Matters​

The report also addressed matters involving a nexus with Yes Bank, noting that the Central Bureau of Investigation (CBI) had filed an application seeking permission to conduct further investigation in a related matter. A prior affidavit submitted by the CBI indicated that investigations into two cases against Sh. Rana Kapoor and others, linked to M/s Yes Bank Ltd. promoters, were complete and final charge sheets had been filed, with no direct allegation regarding diversion or siphoning of funds by Indiabulls Housing Finance Limited (IHFL) or its earlier promoters in those specific cases.

Regarding governance, the status report clarified that all loans were sanctioned in the ordinary course of business by the Credit Committee of the Company and not by Mr. Sameer Gehlaut, who ceased to be a promoter in 2023 and was not a member of the Credit Committee during the loan sanctioning period.

Indiabulls Ltd confirmed that it is not involved in the PIL, and the Supreme Court is expected to address the remaining points on the next date of hearing.

IBULLSLTD Stock Price Movement​

Indiabulls Limited sheds 0.74% in live trading as of 9:55 AM, currently standing at ₹26.78 after the equity slips by ₹0.20. The stock experiences significant market activity, with over 3.17 million shares changing hands so far this morning.