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Allegation of Siphoning-Off Rs 98,000 Cr "Bizarre": Indiabulls Housing Finance

Tuesday, June 11, 2019
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Refuting charges of misappropriation of around Rs 98,000 crore by its Chairman Sameer Gehlaut and other directors, Indiabulls Housing Finance late on Monday evening said that the allegation is "bizzare" and is meant to malign the reputation of the company.

The statement comes after a plea was filed in the Supreme Court on Monday seeking legal action against Indiabulls Housing Finance, Gehlaut and the directors for the alleged misappropriation of public money.

The petition alleged that money worth thousands of crores were siphoned off by Gehlaut and the directors of the firm for their personal use.

"The total loans on the books of Indiabulls Housing are approx Rs 90,000 crores. The allegation of siphoning-off Rs 98,000 crores is bizarre," the company said in a regulatory filing.

The company said that a racket of blackmailers has been trying to extort money from Indiabulls over the last two months threatening to write complaints to various government departments alleging siphoning off of Rs 55,000 crore if Rs 10 crore was not paid to them, following which the company filed an FIR on June 4.

It further said that one of the people involved in the blackmail was arrested on June 7. Following the arrest, the group of people involved floated another complaint enhancing the amount concerned to Rs 98,000 crore, it said.

The company said the writ petition is a "desperate attempt" to malign its reputation.

Indiabulls Housing Finance also mentioned that the petitioner had bought four shares in the company a month back.

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Source: IANS
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