Alerting a huge fraud of more than Rs.1 Lakh crores by Indiabulls Group, BJP leader Subramanian Swamy urged Prime Minister Narendra Modi to institute a Special Investigation Team of the Central Bureau of Investigation (CBI), Enforcement Directorate (ED), Serious Frauds Investigation Office (SFIO) and Income Tax (IT) officials to probe into the 14-year-old long money laundering of the group by siphoning the funds of the National Housing Bank. In his detailed letter, Swamy accused former Finance Minister Palaniappan Chidambaram (PC) and many Congress leaders including former Haryana Chief Minister Bhupinder Singh Hooda for helping the money laundering of more than Rs.One Lakh crores by Indiabulls Group and demanded prevention of escape of the Group’s promoters including Sameer Gehlaut.
“As per credible information that I have, and after perusal of many available documents, I wish to inform you that Indiabulls Housing Finance Limited and its associates which many Congress leaders eg : P Chidambaram and BS Hooda have patronised, is heading now for a financial collapse and bankruptcy, resulting large corruption issues in real estate sector, banking, stock markets and loss of more than Rs. One lakh crores of funds of public and of National Housing Bank” said Swamy in his detailed letter, on how during UPA’s tenure huge money was siphoned from the National Housing Bank by the Indiabulls Group.
The detailed letter of Swamy is published at the end of this report. BJP leader detailed how thousands of crores of rupees were taken out from the National Housing Bank (NHB) as fake loans in real estate sector through a series of shell companies of Indiabulls, patronaged by big politicians from Delhi, Maharashtra and Haryana.
“Indiabulls Housing Finance Limited and its related firms formed more than 100s of shell real estate firms to take loans from NHB and re-allot or siphon it off to many real estate firms in Maharashtra, Delhi, Gurugram, Bangalore and Chennai in the range of Rs.30 crores to Rs.1000 crores. After allotting these loans to other friendly real estate firms Indiabulls accepted these amounts back as an investment to them! Some of such dubious loans were just book entries. That is, nothing but money laundering and round-tripping,” pointed out Swamy in his detailed letter to Prime Minister Modi.
Swamy said that in 2016, Income Tax officials have caught Indiabulls for more than Rs.1000s of crores Tax Deduction at Source (TDS) violation in loan transfers to shell firms and later re-entry of these the loans as an investment. “Income Tax Department had conducted a raid in 2016 and reported to the Finance Minister in detail but for some obscure reasons did not or could not proceed further,” accused Swamy. He also accused Offices of Registrar of Companies in Mumbai and Delhi for allowing the 100s of shell firms of Indiabulls.
“RBI officials also connived in these dubious money laundering due to the patronage of Chidambaram in protecting Indiabulls and allowing funds from NHB for past 14 years. UPA’s many kickback money from 2G and Coal were routed through Indiabulls under the instructions of Chidambaram.
“Some dubious real estate firms involved in 2G Scam and related to Dawood Ibrahim also have 1000s of crores of rupees worth illegal transactions with Indiabulls, and which is now at the verge of sinking, said Swamy demanding probe by Special Investigation Team (SIT) and Special Audit on the loans granted by National Housing Bank for the past 14 years.
The detailed letter of Subramanian Swamy on the Indiabulls money laundering is published below:
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