August 19, 2026: Indiabulls Limited has disclosed the latest status of an Economic Offences Wing (EOW) investigation linked to allegations concerning loans sanctioned by its erstwhile housing finance business, Indiabulls Housing Finance Limited (IHFL), now known as Sammaan Capital Limited.
Author: Aadarsh Patel | EQMint
The EOW Status Report filed before the Supreme Court states that all 197 loan accounts involving five corporate groups have been fully repaid and closed, with total gross collections of ₹11,073.77 crore against sanctioned loans of ₹8,267.86 crore.
The report was filed pursuant to a Supreme Court order dated July 28, 2026, in Special Leave Petition (Civil) No. 2993 of 2025 filed by Citizens Whistle Blower Forum against the Union of India and others.
EOW report covers five borrower groups
The investigation relates to allegations involving loans extended to the DLF, Vatika, Chordia, Americorp and Reliance ADAG groups.
According to the Status Report, the loan accounts across these groups were:
| Corporate Group | Loans | Sanctioned | Gross Collection | Status |
|---|---|---|---|---|
| DLF | 67 | ₹2,212.65 crore | ₹2,731.58 crore | Closed |
| Vatika | 113 | ₹2,832.21 crore | ₹4,291.36 crore | Closed |
| Americorp | 4 | ₹154.50 crore | ₹166.28 crore | Closed |
| Chordia | 6 | ₹1,490.00 crore | ₹2,130.92 crore | Closed |
| Reliance ADAG | 7 | ₹1,574.00 crore | ₹1,753.63 crore | Closed |
| Total | 197 | ₹8,267.86 crore | ₹11,073.77 crore | All Closed |
The report says the figures were verified through a certificate dated December 11, 2025, issued by chartered accountants N.D. Kapur & Co. It also records that gross collections exceeded the sanctioned amount for every group.
EOW finds no direct link in DLF case
The report examined allegations that loans provided to DLF Group companies were subsequently invested in EMU Realcon Pvt. Ltd., an entity associated with former Indiabulls promoter Sameer Gehlaut.
The EOW examined loan records, bank statements, client ledgers, SEBI material, Ministry of Corporate Affairs records and the National Housing Bank Special Audit Report.
According to the report, the ₹66 crore investment in EMU Realcon was made in October 2014, while the relevant loan from IHFL was taken later, in March 2016.
The report therefore records a 17-month gap between the investment and borrowing and says no financial trail or documentary evidence was found connecting IHFL loan funds to the investment.
The report also says DLF’s loan outstanding declined over time and reached nil by March 2020. It records that SEBI and its investigation wings, along with the NHB Special Audit, did not find abnormal retention or diversion of funds by DLF Group companies.
Chordia professional fee payment examined
The Chordia Group had six loan accounts with total sanctioned loans of ₹1,490 crore. Gross collections reached ₹2,130.92 crore, and all six accounts were subsequently closed.
The investigation also examined a ₹50 crore professional fee payment made by Built To Live Realty LLP to Indiabulls Real Estate Limited.
The EOW report says documents including a tax invoice, ledger records, bank statements and audited financial statements were examined. It records that the payment was supported by business-related documentation and that no direct evidence was found connecting the payment to diversion of IHFL loan funds for the personal benefit of Sameer Gehlaut.
Vatika loans also fully repaid
The Vatika Group accounted for the largest number of loan accounts in the report, with 113 loans totalling ₹2,832.21 crore in sanctioned amounts.
Gross collections from the group stood at ₹4,291.36 crore, while all 113 loan accounts were reported as repaid and closed. The investigation found that loan disbursements and repayments recorded in IHFL’s books were reflected in the corresponding bank accounts.
The report also examined investments made by Agnes Developers Pvt. Ltd. into entities associated with Sameer Gehlaut. It records that these investments were made in 2014, while the relevant IHFL loan was sanctioned later in 2016, creating a gap of more than two years. The investigation did not find evidence linking the IHFL loan funds to those investments.
Americorp transactions examined
Americorp had four loan accounts involving ₹154.50 crore in sanctioned loans. Gross collections stood at ₹166.28 crore and all four accounts were closed.
The investigation examined allegations concerning share transactions and investments in entities associated with Sameer Gehlaut. The report says the relevant investments had occurred before the loans were disbursed by IHFL, and no direct connection between the loan funds and those investments was established during the investigation.
Reliance ADAG investigation remains ongoing
The EOW report records a different status for the Reliance ADAG Group.
Seven loans aggregating ₹1,574 crore were fully repaid and closed. However, the investigation concerning the Reliance ADAG Group remains ongoing, with the report stating that notices had been served and the investigation was being finalised after receipt of replies and documents.
Indiabulls says company is not involved in the PIL
In its August 19 filing, Indiabulls Limited said it is not involved in the PIL. The company also stated that the Supreme Court is expected to consider the status of the remaining points at its next hearing and that the company will make further disclosures as required under Regulation 30.
The filing also states that the loans in question were sanctioned through the company’s Credit Committee. It records that Sameer Gehlaut, during his tenure as Chairman, was not a member of the Credit Committee and had no role in loan sanction or approval. He ceased to be a promoter of the company in 2023.
The latest disclosure adds the EOW’s findings to a case that has been under scrutiny since the PIL was filed in 2019. The Supreme Court proceedings remain relevant, particularly with the Reliance ADAG portion of the investigation still pending.
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Disclaimer: This article is not an investment advice and is for educational purpose only.
