The Supreme Court has directed the Central Bureau of Investigation (CBI) to examine all six allegations flagged by the Enforcement Directorate (ED) against Indiabulls Housing Finance and related entities.
The court said the CBI must independently examine the allegations. Its inquiry will not be bound by findings of the Delhi Police Economic Offences Wing (EOW).
The allegations under scrutiny include alleged fraud, diversion of funds, loan evergreening, criminal conspiracy and manipulation of share prices.
The ED has also raised questions over loans of about Rs 1,693 crore linked to Americorp Group. It alleged that funds were routed back into shares of entities linked to Indiabulls.
The Supreme Court has also directed the Special Judge, PMLA, Mumbai, to decide the CBI’s plea seeking further investigation into a Rs 1,574-crore transaction.
The special court has been asked to take a decision within two weeks of August 24.
The Delhi Police EOW has been directed to complete its pending investigation into the Rs 1,574-crore transaction. It has also been asked to submit a fresh status report.
The directions came in connection with allegations that had been examined earlier by the EOW.
The CBI has been asked to conduct a fresh examination of five allegations that were earlier investigated by the EOW. The Supreme Court has made it clear that the CBI’s assessment must be independent of the EOW’s findings.
The ED had flagged six allegations against Indiabulls Housing Finance and related entities for examination.
Among the issues to be examined are alleged diversion of funds and evergreening of loans. The allegations also include fraud, criminal conspiracy and alleged manipulation of share prices.
The Americorp-linked loans form another part of the allegations. According to the ED’s findings, loans totalling about Rs 1,693 crore were involved in transactions in which funds were allegedly routed back into shares of Indiabulls-linked entities.
The Rs 1,574-crore transaction is also the subject of separate proceedings. The CBI has sought permission for further investigation into the transaction from the Special Court under the Prevention of Money Laundering Act (PMLA) in Mumbai.
The special judge is required to decide the CBI’s plea within two weeks from August 24.
The EOW, meanwhile, has been directed to complete its investigation into the transaction and file a fresh status report.
A full comprehensive report by the CBI will be submitted to the Supreme Court after examining the allegations.
The Supreme Court will be consider the matter.
The Supreme Court’s directions cover both the allegations raised by the ED and the pending investigation into the Rs 1,574-crore transaction.
The CBI’s independent examination and the fresh EOW report will form part of the material to be placed before the court at the next stage of the proceedings.
Indiabulls Housing Finance officially changed its name to Sammaan Capital Limited in July 2024 as part of a corporate rebranding and ownership transition involving major institutional backing. The non-banking financial company provides home loans, property loans, and multi-product credit.
Shares of Sammaan Capital Ltd fell 2.44% to trade at Rs 149.59 as of 3:30 pm IST on August 18, 2026, down Rs 3.74 on the day. The stock had opened at Rs 153.33, touched an intraday high of Rs 153.95, and slid to a low of Rs 145.00 amid the volatility. It had earlier traded at Rs 150.90 around 11:35 am.