Categories: Business

Subramanian Swamy charges Indiabulls of laundering more than Rs. 1 Lakh Crores. Demands probe by SIT and Special Audit

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:

Subramanian Swamy's Letter to PM on Indiabulls Scams June 2019 by PGurus on Scribd

Team PGurus

We are a team of focused individuals with expertise in at least one of the following fields viz. Journalism, Technology, Economics, Politics, Sports & Business. We are factual, accurate and unbiased.

View Comments

  • Dr Swamy when put his hand on any news pot ,you will find many rats runing around to save their lives .

    • Now Dr Swamu has list his sheen over last few years. He used to be more effective against almost any corrupt. Remember National Herald. Forget about congress, Even the culprit judge Vaish could not be exposed well by him. Heard he is back to Allahabad HC

  • Modi is truly busy wildly wandering in Wilderness as a happy go lucky guy putting up pictures of rafting besides counting and boasting about increase in Tiger counts but Does NOT care to address the menace of putting Biggest Corrupt Tigers of India behind bars. No actions taken on Dr. Swamy's letter and if there is no response/reply by the PMO, Dr. swamy should take up this matter in the Rajya Sabha. Time to question the ruling BJP and not let them keep fooling poor Aam Admi of India.

  • Just like Narasimha Rao was ill treated, ridiculed and ignored by The Congress Top, it is obvious Modi-Amit Shah duo ignore and not take Dr. SuBramanain Swamy seriously. Nirmala Sitharaman is a pawn to put in days hard work and has No say on policy matters. The smart Think Tanks like Auditor S. Guru murthy waste reams of columns on Dravidian party atrocities but lack the guts and the will to question the tardy and sleepy Modi-Amit Shah duo in BJP camp let time slip and NOT take any meaningful action against the most Corrupt Netas and Bureaucrats. It is good for Dr. Swamy to realize Chidambarams, Sonia-Rahul Gandhis represent what goes on in India. Corruption is the very way of life and it is the birth right of top Netas, Top Bureaucrats of all administrative cadres, Chartered Accountants, legal luminaries, top judges, educationists, the elite of India in getting things done. If Dr. swamy is truly courageous, he should accept that his inputs are not required by BJP High Command. Modi is truly autocratic, atrocious, adamant to run the admin. the way he sees it right and it is better for Swamy to Quit like Ram Jethmalani. Palaniappan Chidambaram is all Jet set on Tax payer's money to happily fly between Palani and Delhi to endlessly maim, taunt, ridicule BJP and he will be accompanied by his prodigal Chota C. Karti to show off his V sign as though he is the rebirth of Winston Churchill laughing at his Loksabha colleagues with a callous look, "I am born to swindle, loot and scoot and you can do nothing". It is well over five years and Modi has NOT walked his talk of 2014 election manifesto- Promises of Weeding out Corruption remains Unfulfilled.

  • புதுடில்லி: அரியானா காங்., தலைவருக்கு ரூ.200 கோடிக்கும் மேல் சொத்து இருப்பதாக வருமான வரித்துறையினர் கண்டுபிடித்துள்ளனர்.

    அரியானா காங்., தலைவருக்கு ரூ.200 கோடி சொத்து
    பதிவு செய்த நாள்: ஜூலை 29,2019 08:47
    Home 10
    புதுடில்லி: அரியானா காங்., தலைவருக்கு ரூ.200 கோடிக்கும் மேல் சொத்து இருப்பதாக வருமான வரித்துறையினர் கண்டுபிடித்துள்ளனர். மேலும் பல்வேறு சோதனைகள் நடத்தப்பட்டு வருகிறது.

    அரியானா மாநில ஆதம்பூர் தொகுதி எம்எல்ஏ.,வும் மாநில காங்கிரஸ் தலைவருமான குல்தீப் பிஸ்னாய் என்பவர் வரி ஏய்ப்பு செய்வதாக வருமான வரித்துறையினருக்கு தெரிய வந்தது. இதனையடுத்து அவருக்கு சொந்தமான 13க்கும் மேற்பட்ட இடங்களில் அதிரடி ரெய்டு நடத்தப்பட்டது. டில்லி , அரியானாவில் 2 நாட்களுக்கும் மேலாக நடந்த சோதனையில் குல்தீப் பல்வேறு நிறுவனங்கள் நடத்தி வந்ததும், வெளிநாடுகளில் சொத்து வாங்கி குவித்திருப்பதும் தெரிய வந்தது. இதற்கான ஆதாரமும், ஆவணங்களும் சிக்கியுள்ளதாக அதிகாரிகள் தெரிவித்தனர்.

  • Good work Swamy. Now let us see you get cracking on Ambani and Adani. Then one can really respect you and it will prove you are not biased.

  • While opening shell companies, is there any background check of the directors, their worth, qualification ,experience, social standing etc. By not doing so, if at all,the culprits are given opportunities to cheat the public and tax payers. The Govt while framing rules should be diligent giving no scope to misuse of the same.

  • The matter is very grave, but also surprisingly how come Dr. Swamy took 14 long years to unearth the scam. Did he took favours from the group for past so many years and fell out recently with the company ?
    How come scams go completely unnoticed for more than a decade ?

    • boss yeh sab log chachere bhai he. chor ka bhai ghantichor.
      kitne saalo se loot chal rahi he. kanimode south ki usne bhi kitna ghapla kiya, bus is still seen in loksabha.
      apen desh mein koi kanoon nahi he yeh politicians k liye.
      chori karenge apne desh ka maal, pakde jayenge, wapas chunav jit k aayenge.

      • So what you want us to do? Cry or ignore this peace of news? Ek hee thali ke chitte ignore or don't care?

        • The letter was addressed to Modi 1 month ago, why did it take so long to take action? Please explain Moditard.

    • You are suspecting the honesty of Dr Swami and allege that he took favors from the group. Do you have any evidence to substantiate your statement? Guy, be careful, you are provoking Dr Swami.

  • Chain of suspicious angle brought forth against NBFCs and Housing Finance companies exposes the serious lacking of regulatory efforts and auditors involvement against these companies. These companies have huge public fund in there control. if they are successful in siphoning off the fund and default in repaying public debt country will face one more major blow and economy is likely to suffer.
    These companies due to their political backing get bank funding, avoid scruitiny and fabricate balance sheet. Auditors are afraid to pin point these violations in time. Result is that one after other NHBs and NBFCs are failing.

    Amitabh Banerjee

Recent Posts

CBI registers a third banking fraud case of Rs.2435 crore against Gautam Thapar. Earlier booked for Rs.307 crore and Rs.466 crore from Yes Bank.

Gautam Thapar caught in the third case for cheating Industrialist Gautam Thapar is caught in…

6 hours ago

Why did Civil Aviation Ministry force Air India to fly a single businessman S P Singh Oberoi to Dubai?

A passenger flew to Dubai solo on Air India Is Air India (read Government of…

8 hours ago

Sahel region – The new Hotspot of Terrorism

The Sahel – The new haven for terrorist activity The sprawling web of new terrorism…

9 hours ago

PM Modi meets Jammu and Kashmir leaders. Nothing conclusive, just talks in general, say many leaders – everything after delimitation process, says HM Amit Shah

Modi-Kashmir leaders meet - First such high-level interaction since 5 August 2019 Two years after…

12 hours ago

Daily Global Insights | Jun 23, 2021 | US News | India News | Global News | Markets

Sree Iyer: Namaskar, today is June 23rd, Wednesday, and Welcome to Daily Global Insights with…

22 hours ago

Infosys promises to rectify glitches in the new Income Tax portal within a week. Many demand revival of the old portal

Infosys promises to fix issues within a week With 15 days of continuing glitches in…

2 days ago