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IHFL loans disbursed by Indiabulls Housing Finance Ltd (IHFL), now known as Sammaan Capital Ltd, have not been found to have a direct financial link with investments made in entities associated with its former promoter Sameer Gehlaut, according to a Delhi Police Economic Offences Wing (EOW) status report filed before the Supreme Court.
The EOW report was filed in compliance with the Supreme Court’s July 28, 2026 order in a petition filed by Citizens Whistle Blower Forum. The report, submitted by Ravi Kumar Singh, Additional Commissioner of Police, EOW, details the agency’s investigation into allegations involving loans provided to corporate groups associated with DLF, Chordia, Vatika and Americorp.
The FIR, registered on December 15, 2025 following a complaint by the Enforcement Directorate (ED), alleged that certain corporate borrowers obtained IHFL loans and subsequently used portions of the funds for purposes other than those for which they were sanctioned. The investigation examined whether any of the borrowed funds were subsequently invested in entities beneficially owned or controlled by Gehlaut.
However, the EOW said its examination of loan records, bank statements, fund-flow details, repayment records and other documents did not establish a direct financial trail connecting the IHFL loans with Gehlaut-associated entities.
EOW Examines IHFL Loans and Financial Records
The EOW examined documents obtained from Sammaan Capital, the Securities and Exchange Board of India (SEBI), the Ministry of Corporate Affairs (MCA) and the National Housing Bank (NHB). The agency reviewed the movement of IHFL loans, repayment records and transactions that had been cited in the allegations.
The investigation covered 197 loan accounts across five corporate groups. The accounts involved sanctioned loans of Rs 8,267.86 crore and gross collections of Rs 11,073.77 crore. A certificate issued by chartered accountants N.D. Kapur & Co. recorded that all 197 accounts had been closed.
DLF Group IHFL Loans
In the DLF Group matter, 67 IHFL loans involving Rs 2,212.65 crore were sanctioned and disbursed. Gross collections stood at Rs 2,731.58 crore, and all 67 loan accounts were closed.
The investigation examined an allegation involving a Rs 66-crore investment by DLF Group entities in EMU Realcon Pvt Ltd, a company beneficially owned by Gehlaut.
According to the EOW, the investment was made during 2014-15, while the relevant IHFL loans were availed approximately 17 months later. The agency said the records examined did not reveal a financial trail or documentary evidence establishing that the IHFL loans were routed to Gehlaut-associated entities.
Chordia Group Loan Transactions
In the Chordia Group matter, six loan accounts involving Rs 1,490 crore were examined. The EOW said the accounts had been fully repaid and closed.
The agency also examined a Rs 50-crore payment made by Built To Live Realty LLP to Indiabulls Real Estate Ltd (IBREL), which had been alleged to be a quid-pro-quo arrangement.
The EOW said the payment was supported by tax invoices, bank records, ledger accounts and audited financial statements and was recorded as professional and advisory fees related to real estate project services.
The material examined did not establish a direct connection between the IHFL loans and any alleged benefit to Gehlaut or his associated entities.
Vatika Group IHFL Loans
The EOW said 113 IHFL loans involving Rs 2,832.21 crore were sanctioned and disbursed to the Vatika Group. Gross collections stood at Rs 4,291.36 crore, and all the loan accounts were subsequently repaid and closed.
The investigation examined an allegation that Agnes Developers Pvt Ltd, a Vatika Group entity, invested Rs 200 crore in companies associated with Gehlaut.
The agency noted that the investments were made in 2014, whereas the relevant IHFL loans were availed in 2016. The EOW said the more than two-year gap and the records examined did not establish that the borrowed funds were used for the investments.
No financial trail or documentary evidence was found linking the IHFL loans to Gehlaut-associated entities in the transactions examined.
Americorp Group Investigation
In the Americorp Group matter, four IHFL loans involving Rs 154.50 crore were sanctioned and disbursed. Gross collections stood at Rs 166.28 crore, and the accounts were reported to have been repaid and closed.
The EOW also examined allegations concerning investments in shares of Indiabulls group companies and subsequent investments in entities associated with Gehlaut.
Records obtained from IHFL, SEBI, MCA and the NHB Special Audit were examined as part of the investigation. The report also refers to SEBI’s examination of relevant transactions and its observations that the transactions took place through the open market.
Based on the material examined, the EOW said it had not established a direct financial connection between the IHFL loans and investments in entities associated with Gehlaut.
EOW Findings on IHFL Loans
The EOW’s report provides the investigating agency’s position on the allegations surrounding IHFL loans and related transactions. The agency has stated that its conclusions are based on the financial records, banking documents and other material examined during the investigation.
Although the alleged use and movement of IHFL loans formed a central part of the investigation, the agency said it did not find documentary evidence establishing that the borrowed funds were routed to entities associated with Gehlaut.
The report also records that the relevant loan accounts across the corporate groups had been repaid and closed. The investigation covered substantial financial transactions involving IHFL loans, subsequent investments and payments that were examined for possible financial connections.
The EOW report has been placed before the Supreme Court in the pending proceedings. Any further directions from the court will determine the next course of the matter.
Importantly, the findings in the EOW report represent the investigating agency’s assessment based on the material examined so far and do not constitute a judicial finding by the Supreme Court.
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