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

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

Real Estate

01 Dec 2025

Serene, Gardencity to Develop Rs 3 Billion Senior Living Project in Bengaluru

Serene Communities, a leading senior living brand, has partnered with Gardencity Realty to develop a premium senior living community in Budigere, one of Bengaluru’s fastest-growing residential micro-markets. The project will span approximately 300,000 sq ft, with a Gross Development Value of about Rs 3 billion, and will add roughly 250 senior-friendly residences to the city’s growing retirement housing segment.The launch forms part of Serene Communities’ national expansion strategy. The company has 11 new projects under development with a planned investment of Rs 25 billion that will add..

Real Estate

01 Dec 2025

Alliance City Developers Marks Major 2025 Milestones in Vile Parle

Alliance City Developers Realtors has announced significant project milestones and expansions in 2025, underscoring what the company terms a transformational year. The developer completed multiple residential projects and launched two premium developments in Vile Parle (East), one of Mumbai’s most sought-after neighbourhoods.During the year, Alliance Legacy in Matunga (East) received its Occupancy Certificate (OC), while Alliance Eternis in Borivali (West) and Alliance Vista in Vile Parle (East) were granted Completion Certificates (CC), marking final project delivery. Alliance Abhimanyu is ..

Infrastructure Energy

03 Dec 2025

Moro Hub and PwC Middle East Partner to Accelerate Smart City Solutions

Moro Hub, a subsidiary of Digital DEWA, the digital arm of Dubai Electricity and Water Authority (DEWA), has announced a strategic collaboration with PwC Middle East to advance Smart City, Integrated Command Centre (ICC), Critical Infrastructure Monitoring and Internet of Things (IoT) initiatives across the region. The partnership brings together Moro Hub’s digital infrastructure and IoT capabilities with PwC’s global expertise in digital trust, smart city strategy and cybersecurity to support the UAE’s vision for intelligent and sustainable cities.“Our collaboration with PwC Middle Ea..