ED conducts raid at Indiabulls Finance Centre in Mumbai

The Enforcement Directorate (ED) on Monday conducted raid at Indiabulls Finance Centre in Mumbai. The raid was conducted by a joint team from ED Delhi and Mumbai, India Today reported.
 
The ED had registered a case against Indiabulls Housing Finance and its promoters in April 2021.
 
The raids were conducted as part of Enforcement Case Information Report (ECIR) registered by ED under the Prevention of Money Laundering Act, 2002 (PMLA) against Indiabulls Housing Finance promoter Sameer Gehlaut and some other related companies and individuals.
 
The case was registered on the basis of an FIR filed in Palghar which said that Indiabulls Housing Finance siphoned money and invested it in its own shares for increasing the prices. The complainant mentioned the real estate companies which had taken loans from Indiabulls Housing Finance and routed money back into its shares in the FIR, India Today said.
 
Meanwhile, Indiabulls Housing Finance's legal team in a statement said that the Delhi High Court on Monday directed ED to not take any coercive action in the case.
 
Shares of Indiabulls Housing Finance ended 9.67 per cent lower at Rs 166.75 on the BSE on Monday.

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