ED probes Indiabulls Housing Finance; summons CEO Gagan Banga

The Enforcement Directorate summoned Gagan Banga, vice chairman, managing director and CEO, Indiabulls Housing Finance on Tuesday at Delhi in connection with an alleged money laundering case registered last year.
 
Government sources told Business Today TV that the questioning followed an Enforcement Case Information Report (ECIR) filed in 2021.
 
When contacted, an Indiabulls Housing spokesperson said the company was cooperating with the probe. "As a responsible organization, we provide data sought by any government agency," he said. 
 
Last month, the Enforcement Directorate had searched the premises of Indiabulls Housing promoter Sameer Gehlaut and other related entities and individuals.
 
The ED claims the company had loaned money to related entities for investments in its own shares to increase the market price of the securities. 
 
In a regulatory filing last month, Indiabulls Housing had said, “The ECIR stems out of an FIR filed by one Ashutosh Kamble who is part of the long-running extortion and blackmail racket against the company. The Division Bench of the Hon'ble Bombay High Court on April 27, 2021 passed a detailed order staying all investigations in the matter," the company said.
 
The firm, in a regulatory filing early this month also stated that SEBI and MCA have conducted inspection of books of accounts of the company. "It is noteworthy that SEBI has not found any wrongdoing on part of the company with respect to the specific allegations as mentioned in the PIL, and the complaints filed against the company." Indiabulls said.