Maharashtra police lodges FIR against Indiabulls Group

28 Apr 2021 CW Team

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.

Image Source

Also Read: CBI moves against ex-NHAI official for violation of terms

Also Read: Indiabulls, HDFC join hands to offer home loans at competitive rates

Your next big infra connection is waiting at RAHSTA 2025 – Asia’s Biggest Roads & Highways Expo, Jio World Convention Centre, Mumbai. Don’t miss out!

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. Image SourceAlso Read: CBI moves against ex-NHAI official for violation of terms Also Read: Indiabulls, HDFC join hands to offer home loans at competitive rates

Infrastructure Urban

09 Sep 2025

PNC Infratech Wins Rs 4.96 Billion Bihar Bridge Project

PNC Infratech Limited has been declared the lowest (L1) bidder for a Rs 4.96 billion infrastructure project in Bihar, involving the construction of a high-level bridge and a 21.3 km approach road on the Hathouri–Atrar–Bavangama–Aurai route. The contract, floated by the Bihar State Road Development Corporation (BSRDC), will be executed on an engineering, procurement, and construction (EPC) basis, excluding GST.The financial bids for the BSHP-IV (Phase-1) / EPC / Package-5 contract were opened on 4 September 2025, with PNC Infratech emerging as the successful bidder. The domestic project i..

Infrastructure Urban

09 Sep 2025

Govt Plans Safety Standards for E-Rickshaws

The Indian government is considering implementing safety standards for e-rickshaws in line with the Bharat New Car Assessment Programme (Bharat NCAP) to enhance road safety across the country, Union Minister Nitin Gadkari announced on Thursday.Speaking at the 7th Edition of the FICCI Road Safety Awards and Symposium, the Minister for Road Transport and Highways emphasised that road safety remains a critical priority. He noted that India records nearly five lakh road accidents annually, resulting in approximately 180,000 fatalities."Of the 1.8 lakh deaths reported each year, nearly 66.4 per cen..

Infrastructure Transport

09 Sep 2025

NHSRCL Installs Ninth Steel Bridge for Bullet Train in Gujarat

The National High-Speed Rail Corporation Limited (NHSRCL) has completed its ninth steel bridge on the Gujarat section of the Mumbai–Ahmedabad High-Speed Rail (MAHSR) corridor, marking a major milestone in India's bullet train project. The newly installed structure features a 200-metre-long dual-span bridge across National Highway 48 near Nadiad in Kheda district, Gujarat.According to the NHSRCL, the bridge comprises two spans of 100 metres each, collectively weighing approximately 2,884 metric tons, and measures 14.6 metres in height and 14.3 metres in width. The first span was launched in A..