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By Malvika Gurung
Investing.com — The Indiabulls Finance Center in Mumbai was raided on Monday by the Enforcement Directorate (ED), in a joint team by ED Delhi and ED Mumbai.
The raids were conducted on the basis of a Prevention of Money Laundering Act, 2002 (PMLA) case lodged by the ED as an Enforcement Case Information Report (ECIR), against the group’s mortgage lender Indiabulls Housing Finance (NS:) and its promoters in April 2021.
The ED case was based upon an FIR filed in Palghar, Maharashtra, against the company and its promoter Sameer Gehlaut, besides some more related companies and individuals.
According to this FIR, the private banking lender had siphoned money and invested in their own shares for an increased price, as per ANI.
According to the complaint, a Pune based businessman dealing in real estate, the company first took loans from Indiabulls and invested in Indiabulls housing shares, increasing its share value, thereby siphoning it to other entities, as reported by IANS.
Shares of Indiabulls Group companies plunged up to 20% on Monday, with Indiabulls Housing Finance declining 9.9%, Indiabulls Real Estate (NS:) plunging 15% and Dhani Services (NS:) tanking 20%.
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