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SC raps CBI for not appearing in plea for probe into 'irregularities' by Indiabulls
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....C raps CBI for not appearing in plea for probe into 'irregularities' by Indiabulls<BR>Corp. Laws / SEBI / IBC<BR>Dated:- 21-7-2025<BR>PTI<BR>New Delhi, Jul 21 (PTI) The Supreme Court on Monday pulled up the CBI for not appearing in a matter against Indiabulls Housing Finance Limited (IHFL), now known as Sammaan Capital Limited, for allegedly disbursing dubious loans to corporate entities. A benc....
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....h of Justices Surya Kant and Joymalya Bagchi, "Why has CBI not appeared before us despite issuing notice to it? How can the CBI say we will not appear before the court? Does the CBI have the guts to not appear before us? Let some senior CBI officials appear before us." Advocate Prashant Bhushan, appearing for NGO Citizens Whistle Blower Forum in which he is a trustee alleged Indiabulls, an non-b....
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....anking financial company, used to disburse thousands of crores as loans to companies, who 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 the....
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....y are not the competent authority to investigate the issue and were forwarding the matter to relevant agencies," Bhushan 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. Addi....
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....tional Solicitor General S V Raju, appearing for the Enforcement Directorate, said 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. "The CBI can very well register a case based on judicial record. The central (probe) agencies should have come out with a report, if anything wrong has been ....
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....done. Why wait for the FIR or complaint? No one should be above the law,” the top court said. Senior advocate Mukul Rohatgi, appearing for the Indiabulls, called the NGO a "blackmailer" organisation and said the Delhi High Court had dismissed its plea. Justice Kant asked Raju to tell senior CBI officials to appear before the court as it wanted to ask them "some questions". Raju said no inv....
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....estor or public came forward complaining about any kind of fraud or misuse of funds till now. Bhushan said it was the banks that were cheated. The bench posted the matter for further hearing on July 30. 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 Co....
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....rporate 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 MNL AMK AMK<BR> News - Press release - PIB....