SC gets EOW report finding no direct link between IHFL loans, Gehlaut-linked entities in key cases

New Delhi [India], August 19 (ANI): A Delhi Police Economic Offences Wing (EOW) status report filed before the Supreme Court has said that its investigation so far has not found a direct financial link between loans disbursed by Indiabulls Housing Finance Ltd (IHFL), now known as Sammaan Capital Ltd, and investments made in entities associated with its former promoter Sameer Gehlaut in cases concerning the DLF, Chordia and Vatika groups.
The report was filed in compliance with the Supreme Court's July 28, 2026 order in a petition filed by Citizens Whistle Blower Forum. It was submitted by Ravi Kumar Singh, Additional Commissioner of Police, EOW.
The FIR in the matter was registered on December 15, 2025 on the basis of a complaint by the Enforcement Directorate (ED). It alleged that certain corporate borrower groups had obtained loans from IHFL and subsequently used part of the funds for purposes other than those for which they were sanctioned, including alleged investments in entities beneficially owned or controlled by Gehlaut.
The FIR names Gehlaut and five corporate borrower groups, DLF, Vatika, Chordia, Americorp and Reliance ADAG besides unknown persons.
The EOW said it examined loan records, bank statements, fund-flow details, repayment records and other documents obtained from Sammaan Capital, the Securities and Exchange Board of India (SEBI), the Ministry of Corporate Affairs (MCA) and the National Housing Bank (NHB).
In the DLF Group matter, the report said 67 loans involving Rs 2,212.65 crore were sanctioned and disbursed. The gross collection was Rs 2,731.58 crore and all 67 loan accounts were closed.
The investigation examined an allegation that Rs 66 crore from DLF Group entities had been invested in EMU Realcon Pvt Ltd, a company beneficially owned by Gehlaut. The EOW said the investment was made in 2014-15, while the relevant IHFL loan was availed about 17 months later.
The agency said examination of the available records did not reveal a financial trail or documentary evidence establishing that the IHFL loan funds were routed to entities associated with Gehlaut.
In the Chordia Group matter, the EOW said six loan accounts involving Rs 1,490 crore had been fully repaid and closed.
The investigation also examined a Rs 50-crore payment made by Built To Live Realty LLP to Indiabulls Real Estate Ltd (IBREL), which was alleged to be a quid-pro-quo arrangement. The EOW said the payment was supported by documents including tax invoices, bank records, ledger accounts and audited financial statements and was recorded as professional and advisory fees connected with real estate project-related services.
The report said the material examined did not establish a direct connection between the IHFL loans and any alleged benefit to Gehlaut or his entities.
Regarding the Vatika Group, the EOW said 113 loans involving Rs 2,832.21 crore were sanctioned and disbursed, while gross collections stood at Rs 4,291.36 crore. All the loan accounts were subsequently repaid and closed.
The agency examined an allegation that Agnes Developers Pvt Ltd, a Vatika Group entity, had invested Rs 200 crore in companies associated with Gehlaut. According to the report, the investments were made in 2014, whereas the relevant IHFL loan was availed in 2016.
The EOW said the more than two-year gap between the transactions, along with the records examined, did not establish that the IHFL loan funds were used for the investments. It said no financial trail or documentary evidence was found linking the borrowed funds to Gehlaut-associated entities.
In the Americorp Group matter, the EOW said four loan accounts involving Rs 154.50 crore were sanctioned and disbursed, with gross collections of Rs 166.28 crore. The accounts were reported to have been repaid and closed.
The agency also examined allegations concerning investments in shares of Indiabulls group companies and subsequent investments in entities associated with Gehlaut. It said records obtained from IHFL, SEBI, MCA and the NHB Special Audit were examined.
The report records SEBI's examination of the relevant transactions and its observations regarding the transactions having taken place through the open market.
The EOW report also refers to a certificate issued by chartered accountants N.D. Kapur & Co. concerning 197 loan accounts across the five corporate groups. The certificate recorded sanctioned loans of Rs 8,267.86 crore and gross collections of Rs 11,073.77 crore, with all 197 accounts shown as closed.
The EOW's report is based on the investigation and documents examined by the agency and has been placed before the Supreme Court in the pending proceedings. The observations contained in the report are the findings of the investigating agency and do not constitute a judicial finding by the Supreme Court. (ANI)