The Central Bureau of Investigation informed the Supreme Court that it has not launched any probe into alleged financial misconduct by Sammaan Capital, formerly Indiabulls Housing Finance. Citizens Whistle Blower Forum petitioned the court demanding a special investigation team examine claims of fund diversion and corporate violations. Additional Solicitor General SV Raju stated the federal agency discovered no irregularities in the company's corporate lending practices. Defense lawyers representing the firm's promoters dismissed the accusations as fabricated and noted that related cases had been withdrawn. The Supreme Court postponed further proceedings until a later date.
The petition alleged that Indiabulls extended massive loans to entities that subsequently invested funds into companies controlled by firm shareholders. Petitioners claimed this arrangement constituted a scheme to siphon public money for promoters. The Delhi High Court previously rejected similar investigation demands. The allegations suggest violations of financial regulations. Company representatives maintain all transactions followed legal procedures.
The petition alleged that Indiabulls extended massive loans to entities that subsequently invested funds into companies controlled by firm shareholders. Petitioners claimed this arrangement constituted a scheme to siphon public money for promoters. The Delhi High Court previously rejected similar investigation demands. The allegations suggest violations of financial regulations. Company representatives maintain all transactions followed legal procedures.
