PIL filed in Delhi High Court seeking probe on more than Rs.1 Lakh crores Money Laundering by Indiabulls Group

Controversial finance firm Indiabulls Group is facing more trouble after the recent Public Interest Litigation (PIL) filed by noted lawyers Prashant Bhushan and Kamini Jaiswal-led Citizens Whistle Blowers Forum Court demanding Special Investigation Team probe into the irregularities of huge money laundering. The petition filed before the Delhi High Court accused Indiabulls Group and its companies for siphoning and laundering of more than Rs.1 Lakh crores, obtained from Public sector banks and other financial companies.

The petition alleges that Anil Ambani’s Reliance Group, the DLF Group-kind of big firms were also part of Indiabulls money laundering. The PIL urged for a Special Investigation Team (SIT) probe comprising the Central Bureau of Investigation (CBI), the Enforcement Directorate (ED) and the Serious Frauds Investigation Office (SFIO) and the Income Tax Department officials to unearth the culprits behind the money laundering. The petition also attached BJP leader Subramanian Swamy’s letter to Prime Minister Narendra Modi on the frauds and money laundering by Indiabulls Group[1].

“IBHFL (Indiabulls Housing Finance Limited) through its promoters and their various group companies and subsidiary companies have been advancing dubious loans to companies owned by large corporate groups which in turn have been routing money back to the accounts of companies owned by the promoters of Indiabulls, so as to increase their personal wealth.

Laundering/ Round tripping alleged for 14 years

The detailed 64-page PIL (published at the end of this report) pointed out that IBHFL’s outstanding debt crossed more than Rs.96,000 crores and liabilities crossed more than Rs.1.13 Lakh crores. The petition said that major five corporate including Anil Ambani’s Reliance Group, DLF and Maharashtra’s politically blessed Chordia Group, Vatika Group and Americorp Group were disbursed huge loans by Indiabulls Group and some of these companies put the money as an investment as debentures in Indiabulls Group.

Seeking a probe by SIT, the petition detailed the list of more than 200 shell firms, where money routing, round-tripping, and laundering took place for the past 14 years.

The 64-page petition is published below:

Indiabulls PIL by PGurus on Scribd

Response from Vatika Limited – Association –

Response from Vatika Limited – Association

References:

[1] Subramanian Swamy charges Indiabulls of laundering more than Rs.1 Lakh crores. Demands probe by SIT and Special Audit – Jul 28, 2019, PGurus.com

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