ED intensifies probe into Rs 10,000-crore loan scam; FIR against IFHL co-founder Sameer Gehlaut
Published on 18/12/2025 11:01 PM
The Enforcement Directorate (ED) has intensified its investigation into suspected embezzlement to the tune of Rs 10,000 crore through allegedly dubious loans disbursed by Indiabulls Housing Finance Ltd (IHFL), with former promoter and co-founder Sameer Gehlaut at the centre of the scrutiny. The allegations relate to large-scale misuse of loan funds disbursed by erstwhile IHFL (now rebranded as Sammaan Capital) during Gehlaut's tenure.
According to sources, the ED is cracking down on individuals and companies accused of misusing loan proceeds for personal gains, including investments in shares instead of the stated purposes.
Following the ED’s complaint, the Economic Offences Wing (EOW) of the Delhi Police has registered an FIR in the matter, naming Gehlaut and several corporate entities on charges of financial fraud and fund diversion.
Investigators allege that loans were sanctioned to select promoter groups on a quid pro quo basis, often at nominal interest rates, and a portion of the funds was diverted for purposes other than those stated at the time of sanction. The diverted funds were allegedly used for equity investments, causing significant losses to public money and banks.
Suspected modus operandi
As per the ED’s preliminary investigation, several companies borrowed large sums from IHFL and allegedly diverted the funds into equity investments instead of deploying them for their stated business purposes. These transactions were executed at nominal interest rates, raising red flags over intent and corporate governance lapses.
The agency has alleged that the transactions were carried out with fraudulent intent and involved complex fund movements designed to conceal the end use of money.
Gehlaut -- a former promoter of IHFL -- faces allegations of involvement in the disbursal of these loans and of receiving kickbacks from the alleged fraudulent earnings.
Companies under the scanner
The FIR mentions several companies, including:
What next?
The EOW is set to lead the probe, building on the ED’s findings.
The case highlights increasing regulatory scrutiny of alleged loan misuse in India’s housing finance sector.