New Delhi: The CBI on Wednesday told the Supreme Court that it was not investigating any irregularities in Indiabulls Housing Finance Limited (IHFL), now known as Sammaan Capital Limited, and has not found any wrong in the company disbursing loans to corporate entities.
A bench of Justices Surya Kant and Joymalya Bagchi was told by Additional Solicitor General SV Raju that the probe agency has not found anything with regard to allegations of Indiabulls allegedly disbursing dubious loans to corporate entities.
Senior advocates Harish Salve and Mukul Rohatgi, appearing for the company promoters, said that these are fictitious allegations and the petitioner NGO Citizens Whistle Blower Forum has withdrawn several petitions on the issue.
The bench said allegations are allegations and whether they are right or wrong will be looked into.
The top court adjourned the hearing on the plea due to paucity of time.
On July 21, the top court pulled up the CBI for not appearing in a matter against Indiabulls despite notice.
Advocate Prashant Bhushan, appearing for Citizens Whistle Blower Forum in which he is a trustee, had earlier alleged that Indiabulls, a non-banking financial company, used to disburse thousands of crores as loans to companies, which in turn used to pay hundred of crores of rupees to its promoters as unsecured loans.
“This is a scam and even the Enforcement Directorate has said in their affidavit that they are aware of hanky panky in the company but are investigating it. Similarly, the SEBI has said they inquired into the matter but they are not the competent authority to investigate the issue and were forwarding the matter to relevant agencies,” Bhushan had said.
The petitioner NGO alleged IBHFL and its owners were advancing dubious loans to companies owned by large corporate groups which in turn were routing the money back to the accounts of companies owned by the promoters of Indiabulls to increase their personal wealth.