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Mumbai: ED Raids Indiabulls Finance Centre, Know The Allegations

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ED has raided Indiabulls Finance Center in Mumbai. The Maharashtra Police had registered a case against Indiabulls group companies for alleged misappropriation of funds and accounting irregularities for irregularities committed by the promoters and directors of the company between 2014 and 2020.

It also includes the leading company Indiabulls Housing Finance. An FIR was registered by Palghar police on April 13 under various sections of the Indian Penal Code to deal with cheating and criminal conspiracy.

ED Raids Indiabulls Finance Centre

The ED search is based on an ECIR registered by the Enforcement Directorate under the Prevention of Money Laundering Act, 2002 (PMLA) against Indiabulls Housing, promoter Sameer Gehlot, and other related companies individuals.

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The ED had registered a case against Indiabulls Housing and its promoters in April 2021. The ED had registered the case based on an FIR in Palghar, which stated that it misappropriated money and invested in its shares for rising prices.

Rigging between 2010 and 2014

In the FIR, the complainant has mentioned real estate companies that had taken loans from Indiabulls and remitted the money back to Indiabulls Housing shares. According to the FIR, it is said that between 2010 and 2014, money was laundered from the company. The ED had also called the promoters of a Pune-based real estate firm for their statements for investigation.

He had taken loans from institutions affiliated with Indiabulls Housing and Indiabulls. Meanwhile, Indiabulls claimed that the Delhi High Court issued an order to stay the probe against the company on Monday morning. According to Indiabulls lawyers, they have a Delhi High Court order that no coercive action should be taken against them.

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Ashish Kumar Mishra
Ashish Kumar Mishrahttps://www.spotnews18.com/
Ashish Kumar Mishra is the Founder and CEO at Spot News 18. He created Spot News 18 on 30 June 2019. His intention to make these News Websites was only to provide correct and official news to his readers. Now, he is working on Spot News 18 to expand his website reach to all parts of the world.

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