BIG blow to IHFL, ED major crackdown on dubious loans, FIR registered against Sameer Gehlaut in Rs 10000 crore fraud case

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In a significant development, the Enforcement Directorate (ED) has taken a major step in cracking down on individuals and companies that misuse loan funds intended for businesses. The probe agency has targeted those who borrow loans against companies and divert the money for personal gain, with several high-profile cases already under investigation.

An FIR has been filed against Sameer Gehlaut, co-founder of Indiabulls Housing Finance (IHFL), and several other companies for allegedly embezzling Rs 10,000 crore in funds. The Financial Offences Wing of the Delhi Police is investigating a case involving dubious loans disbursed by IHFL to various companies, including Reliance ADAG, DLF Group, and Vatika Group.

IHFL Rs 10000 crore fraud case

The ED investigation has revealed that various companies took loans worth thousands of crores of rupees from IHFL, including  Americorp Group (Rs 2,078 crore), Reliance ADAG Group (Rs 1,580 crore), DLF Group (Rs 1,705 crore), and Vatika Group (Rs 4,600 crore). The loan money was used for investment in shares instead of the real purpose behind seeking such a loan. The transfer of funds was made at a nominal interest rate only, causing huge losses to public funds and banks.

Sameer Gehlaut accused of embezzlement of funds

Gehlaut is accused of diverting funds and financial fraud by sanctioning dubious loans to specific corporate groups on a “quid pro quo” basis during his tenure in the company. In a clarification issued on December 18, 2025, the company stated it has no relation with Sameer Gehlaut. Gehlaut resigned as Executive Chairman in 2020, exited the Board of Directors in March 2022, and sold his remaining shareholding by September 2023. Senior advocates representing the company denied any bank fraud, claiming there has been “zero loss” to banks and that the allegations are baseless. 

Meanwhile, the ED conducted raids at Indiabulls’ Mumbai offices based on a previous Enforcement Case Information Report (ECIR) related to money laundering in February 2022. Gehlaut had previously been summoned by the ED in connection with its investigation into the Yes Bank-Rana Kapoor case.

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