Maharashtra police lodges FIR against Indiabulls Group
The Maharashtra police has lodged an FIR against Indiabulls Group, including its flagship Indiabulls Housing Finance (IBHL), for allegedly handling funds illegally and for accounting irregularities committed by the promoters and directors of the company between 2014 and 2020.
The Palghar police has registered an FIR under various sections of the Indian Penal Code (IPC) dealing with cheating, fraud and criminal conspiracy.
The move comes after Palghar’s judicial magistrate passed an order under Section 156 (3) of the Code of Criminal Procedure (power to direct police/agency to investigate the matter), following a complaint filed by Ashutosh Kamble, a shareholder of IBHL.
In his complaint to the Palghar court, Kamble had claimed that he suffered a devaluation of his shares due to alleged misdealings between 2014 and 2020. He also made several allegations against the founder and promoter Sameer Gehlaut and other directors in connection with the misappropriation of funds by the company.
Sources told the media that Indiabulls had filed a petition last week seeking quashing of the proceedings in the Bombay High Court. The court is expected to hear the matter later this week.
The case was sought to be quashed on two grounds—one that the Palghar’s magistrate did not have jurisdiction in the case and second, that the complainant had fraudulently misled the court with an intent to harass and extort the company.
Apart from the Indiabulls group, the police report also named realty company Chordia Group and Harish Fabiani, co-founder of Americorp Capital, among others.
IBHL, in its petition, is learnt to have highlighted that Kamble, who had claimed to be a resident of Palghar, actually resides in Mumbai, according to the record of Registrar and transfer agents certificate.
The company is facing similar charges in the Delhi High Court, which is hearing a Public Interest Litigation (PIL) filed by the NGO citizens whistle blower forum.
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