The Enforcement Directorate (ED) is learned to have reached out to the police team seeking details of the case, a senior official confirmed
The Maharashtra Police has booked Indiabulls group companies, including its flagship Indiabulls Housing Finance (IBHL), for allegedly siphoning off funds and for accounting irregularities committed by the promoters and directors of the company between 2014 and 2020.
A first information report was registered by the Palghar police on April 13 under various sections of the Indian Penal Code dealing with cheating, fraud, and criminal conspiracy. The move comes after Palghar’s judicial magistrate passed an order under Section 156 (3) of the Code of Criminal Procedure (power to direct police/agency to investigate the matter), following a complaint filed by Ashutosh Kamble, a shareholder of IB HL.
In his complaint to the Palghar court, Kamble claimed that he suffered a devaluation of his shares due to alleged misdealings between 2014 and 2020. He also made several allegations against the founder and promoter Sameer Gehlaut and other directors in connection with the misappropriation of funds by the company.
Meanwhile, the Enforcement Directorate (ED) is learned to have reached out to the police team seeking details of the case, a senior official confirmed.
When contacted, the Indiabulls group said that since the matter is sub-judice, it cannot comment on the case. However, sources said the company had filed a petition last week seeking quashing of the proceedings in the Bombay High Court. The court is expected to hear the matter later this week.
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