The Supreme Court has directed the Central Bureau of Investigation (CBI) to independently examine all six allegations of financial irregularities levelled by the Enforcement Directorate against Sammaan Capital (formerly Indiabulls Housing Finance) and related entities. As reported by The Hindu BusinessLine, a Bench headed by Chief Justice Surya Kant and comprising Justice Joymalya Bagchi and V Mohana issued the directions while hearing a PIL filed by Citizens Whistle Blower Forum. The court emphasized that the CBI would not be guided by the EOW's conclusions while examining the allegations, directing the Special Judge in Mumbai to decide the CBI's application within two weeks after it takes up the plea on August 24, 2026. The court's directive comes after it pulled up the CBI and Delhi Police's EOW for remaining silent on allegations of dubious transactions involving IHFL, calling their conduct 'shocking' and saying it appeared to be a 'case of quid pro quo'. The bench directed the Special Judge in Mumbai to decide the CBI's application within two weeks after it takes up the plea on August 24, 2026, with the CBI thereafter submitting a comprehensive progress report to the Supreme Court.
The Economic Offences Wing (EOW) has confirmed that all 197 legacy loan accounts across five borrower groups have been fully repaid and closed, generating ₹11,073.8 crore in gross collections against total sanctioned amounts of ₹8,267.9 crore. According to the latest EOW status report dated August 11, 2026, the company received ₹2,800 crore in interest and fees while all credits were traced directly to the company's bank accounts. The detailed loan breakdown shows DLF with 67 loans worth ₹2,212.65 crore collected ₹2,731.58 crore, Vatika with 113 loans worth ₹2,832.21 crore collected ₹4,291.36 crore, Chordia with 6 loans worth ₹1,490 crore collected ₹2,130.92 crore, Americorp with 4 loans worth ₹154.5 crore collected ₹166.28 crore, and Reliance ADAG with 7 loans worth ₹1,574 crore collected ₹1,753.63 crore. The EOW report verified that no financial loss was caused to Sammaan Capital for four of the five borrower groups, with the Reliance ADAG investigation remaining ongoing pending certain replies and documents. Multi-agency examinations including SEBI and National Housing Bank did not reveal any diversion or abnormal retention of loan funds.
In a clarification issued on Wednesday, August 19, Indiabulls Ltd categorically stated that there was no foul play, irregularity or discrepancy in the transactions that are now fully repaid and closed. The company emphasized that no money was routed to former promoter Sameer Gehlaut and that all the loans were approved by the credit committee headed by the erstwhile CEO of the company. According to Zee Business Managing Editor Anil Singhvi, the information needs to be viewed from a different perspective, noting that the EOW's status report contains several clarifications - firstly, that all these loans have been fully repaid with no outstanding amount payable to Indiabulls in relation to these loans, and secondly, that there was no manipulation or irregularity involved. The company has confirmed that loans given to entities associated with the Reliance (ADAG) group have also been recovered, with Singhvi pointing out that Indiabulls Ltd has clarified there was no wrongdoing or irregularity and that the entire amount relating to the loans extended has been recovered. The legal proceedings stem from a 2019 PIL alleging irregularities in lending, with the Delhi High Court previously dismissing the PIL in February 2024 calling the allegations unsubstantiated and lacking merit.
According to the latest regulatory filing, the loans were sanctioned in the ordinary course of business by the company's credit committee, composed of senior executives and chaired by the CEO. During his tenure as Chairman, Sameer Gehlaut was not a member of the credit committee and held no role in loan approvals or sanctions. Gehlaut has had no association with the company since 2023 after exiting his entire shareholding. The company is now controlled by Abu Dhabi-based International Holding Company PJSC (IHC), which invested $1 billion in the lender. In March 2026, IHC infused ₹5,652 crore for a 41.5% stake in Sammaan Capital through its affiliate Avenir Investment RSC, becoming the new promoter. The company is set to receive another ₹3,198 crore over the next 18 months upon conversion of warrants into fully paid equity shares, raising IHC's stake to up to 63.3%. Kohli stated that the company has undergone a complete transformation in ownership and governance, describing it as professionally managed, promoter-independent and fully compliant with regulatory requirements.
Addressing core allegations, the filing noted that investments into entities associated with erstwhile promoter Sameer Gehlaut were actually made prior to the relevant borrowings from Sammaan Capital. The timing gaps ranged from 17 months to over two years, directly negating claims that loan funds were diverted for those investments. No financial trail or documentary evidence linking the borrowed funds to those entities was established. For the ₹50 crore professional fee to Chordia, the payment was backed by tax invoices, banking records, ledger entries and audited financials, with SEBI observing it could not be concluded that the payment was for the personal benefit of the promoter. Americorp investments worth ₹179.9 crore made by Americorp entities into promoter-linked companies were fully redeemed and returned by FY19, leaving zero outstanding exposure. The Reliance ADAG group loans totaling ₹1,574 crore are fully repaid and closed, though the investigation regarding this specific slice remains ongoing pending certain replies and documents. The filing also reproduced a CBI affidavit clarifying that cases pertained strictly to offences by Yes Bank promoters, with no direct allegations of fund diversion against Indiabulls Housing Finance. The EOW report specifically states that the material examined did not establish a direct connection between the IHFL loans and any alleged benefit to Gehlaut or his entities.
