Shares of Indiabulls Group stocks fell by 4.97% to 8.53% at 10:48 IST on BSE after Subramanian Swamy charged Indiabulls group of laundering more than Rs 1 lakh crore.
Meanwhile, the S&P BSE Sensex was down by 68.36 points or 0.218% to 37,814.21.
Indiabulls Integrated Services (down 4.97%), Indiabulls Real Estate (down 5.24%), Indiabulls Housing Finance (down 7.79%) and Indiabulls Ventures (down 8.53%) slumped.
BJP leader Subramanian Swamy requested Prime Minister Narendra Modi to form a special investigation team of the Central Bureau of Investigation (CBI), Enforcement Directorate (ED), Serious Frauds Investigation Office (SFIO) and Income Tax (IT) officials for probing money laundering scam by Indiabulls Group for siphoning the funds of National Housing Bank (NHB).
The letter alleged that Indiabulls group has created more than 100 shell firms and took loans from NHB. It then re-alloted or siphoned it off to many real estate firms in Maharashtra, Delhi, Gurugram, Bengaluru and Chennai in the range of Rs 30 crore to Rs 1,000 crore.
With reference to Subramanian Swamy's letter dated 28 June being circulated in social media, alleging embezzlement of more than rupees one lakh crore from NHB, Indiabulls Housing Finance clarified to the bourses on 28 July 2019, that loans outstanding as on date from NHB to Indiabulls Housing is zero. Indiabulls Housing, in its history, has never taken any loan or refinancing facility from NHB. The total loan book of Indiabulls Housing is approximately Rs 87,000 crore, it added.
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