New Delhi, Jul 30 (PTI) The CBI on Wednesday told the Supreme Court that it was not investigating any irregularities in Indiabulls Housing Finance Limited (IHFL), now known as Sammaan Capital Limited, and has not found any wrong in the company disbursing loans to corporate entities.

A bench of Justices Surya Kant and Joymalya Bagchi was told by Additional Solicitor General SV Raju that the probe agency has not found anything with regard to allegations of Indiabulls allegedly disbursing dubious loans to corporate entities.

Senior advocates Harish Salve and Mukul Rohatgi, appearing for the company promoters, said that these are fictitious allegations and the petitioner NGO Citizens Whistle Blower Forum has withdrawn several petitions on the issue.

The bench said allegations are allegations and whether they are right or wrong will be looked into.

The top court adjourned the hearing on the plea due to paucity of time.

On July 21, the top court pulled up the CBI for not appearing in a matter against Indiabulls despite notice.

Advocate Prashant Bhushan, appearing for Citizens Whistle Blower Forum in which he is a trustee, had earlier alleged that Indiabulls, a non-banking financial company, used to disburse thousands of crores as loans to companies, which in turn used to pay hundred of crores of rupees to its promoters as unsecured loans.

"This is a scam and even the Enforcement Directorate has said in their affidavit that they are aware of hanky panky in the company but are investigating it. Similarly, the SEBI has said they inquired into the matter but they are not the competent authority to investigate the issue and were forwarding the matter to relevant agencies," Bhushan had said.

The petitioner NGO alleged IBHFL and its owners were advancing dubious loans to companies owned by large corporate groups which in turn were routing the money back to the accounts of companies owned by the promoters of Indiabulls to increase their personal wealth.

Earlier, ASG Raju, appearing for the Enforcement Directorate, had submitted that the agency was investigating the matter and as far as CBI goes there ought to be a formal complaint and could only investigate if the states granted consent.

On May 13, the top court sought response of the CBI on the plea which has challenged the February 2, 2024 order of the high court.

The top court has noted the submission of the Ministry of Corporate Affairs and the Securities Exchange Board of India (SEBI) that irregularities were committed in IHFL.

The ED accused IHFL of committing some irregularities in the two cases it probed, including the one in Maharashtra where public money was allegedly siphoned off outside the country by cheating investors of around Rs 300 crore. PTI MNL ZMN

Investigation scope: no central agency probe found into alleged corporate loan irregularities; enforcement inquiries continue. A central investigative agency reported to the apex forum that it is not investigating the non-banking financial company and has found no evidence of wrongdoing in its loan disbursements to corporate entities. Petitioners alleged company advances to related firms that routed funds to promoters, while company counsel described those allegations as fictitious and withdrew several petitions. Other enforcement bodies reported ongoing probes in discrete matters and indicated procedural or jurisdictional constraints on investigation, and the petition challenges a prior high court order.