A PIL was filed in the Delhi High Court on Friday seeking an SIT investigation into the alleged illegalities, siphoning of funds and violations committed by the promoters of Indiabulls Housing Finance Ltd (IBHFL).
The plea filed by an NGO alleged that IBHFL, through its promoters and their various group firms and subsidiaries has been advancing dubious loans to companies owned by large corporate groups.
They, in turn, have been routing the money back into the accounts of companies owned by the promoters of Indiabulls, so as to increase their personal wealth, it alleged.
The petition is likely to listed for hearing next week.
The NGO, Citizens Whistle Blower Forum, said that in the past many years, IBHFL has taken huge sums of loans from various public and private banks which means that public money is at stake, along with the money invested in IBHFL by its shareholders and investors.
The PIL, filed through advocate Kamini Jaiswal, the financial details of IBHFL, with details of borrowings show that over 12,000 companies are registered at the same address as that of Indiabulls thereby suggesting a staggering number of dummy companies having been created by Indiabulls.
IBHFL, in a statement, denied the allegations and claimed that the petition was leaked in the social media with malicious intent and vested interests to create turbulence in the stock price of the company and fulfil ulterior motives.
"The purported PIL admits that the allegations are the same as in the petition of earlier petitioner Abhay Yadav which was subsequently withdrawn. Abhay Yadav in his statement has admitted that the allegations against the company were based on false, incorrect and twisted data and that he had filed the petition at the behest of the mastermind of the blackmailing racket who was then subsequently arrested and is currently in jail. The courts have denied the bail application of the mastermind," the statement issued through IBHFL's company secretary Amit Jain said.
The petition which was filed in the apex court had alleged that money worth thousands of crores was siphoned off by Sameer Gehlaut, the chairman of the firm, and the directors of IBHFL for their personal use.
The petitioner had alleged that Gehlaut, with the help of Harish Fabiani - an NRI based in Spain, created multiple "shell companies" to which IBHFL loaned huge sums of money under "bogus and non-existent pretexts".
These companies further transferred the loan amount to other companies, which were either run, directed or operated by Gehlaut, his family members or other directors of Indiabulls, the plea had alleged.
The plea filed in the high court has sought direction to the Ministry of Corporate Affairs to conduct an investigation through the Serious Fraud Investigation Office (SFIO) into the irregularities into the financial affairs of Indiabulls and companies involved in transactions with it.
It has also sought direction to the Reserve Bank of India (RBI) and National Housing Bank (NHB) to investigate the financial affairs of IBHFL and to direct a special audit of IBHFL.
"The petitioner has further sought directions to the Ministry of Corporate Affairs, Registrar of Companies (ROC), SFIO, NHB, RBI, Securities and Exchange Board of India (SEBI) to take action against IBHFL and its promoters/owners," the plea said.
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