EOW Finds No Direct IHFL-Gehlaut Link; CBI to Probe Allegations

The Delhi Police Economic Offences Wing (EOW) has found no evidence of a direct financial link between loans disbursed by Indiabulls Housing Finance Ltd (IHFL), now known as Sammaan Capital Ltd, and investments allegedly associated with its former promoter, Sameer Gehlaut, according to a status report submitted to the Supreme Court.

The August 11 report looked into allegations concerning five corporate borrower groups, DLF, Vatika, Chordia, Americorp and Reliance ADAG, as well as former promoter Sameer Gehlaut.

As part of its probe, the EOW examined loan documents, bank statements, fund movements, repayment records and information sourced from Sammaan Capital and regulatory bodies.

In the DLF and Vatika cases, the agency noted that some investments in entities linked to Gehlaut predated the sanctioning of the corresponding loans by IHFL.

The EOW said its investigation did not uncover any financial trail or documentary evidence indicating that the loan proceeds were later transferred to entities linked to Gehlaut. It also noted that the loan accounts under scrutiny had been fully repaid and closed.

The agency also examined transactions involving the Chordia and Americorp groups. In the Chordia case, a ₹50 crore payment made to Indiabulls Real Estate was backed by invoices, bank records, ledgers and audited financial statements, and was classified as professional and advisory fees.

Based on the records reviewed, the EOW said it found no direct link between the IHFL loans and any alleged financial benefit accruing to Gehlaut or entities associated with him.

The EOW’s FIR, registered in December 2025, names Sameer Gehlaut along with the DLF, Vatika, Americorp, Chordia and Reliance ADAG groups. Sammaan Capital was not made an accused in the case and has said it was itself a victim of the alleged transactions. The company also said the EOW’s findings showed that the loans extended to the five corporate groups had been recovered.

The case, however, remains under scrutiny. On August 19, the Supreme Court directed the Central Bureau of Investigation (CBI) to look into the allegations outlined in the EOW’s FIR.

In a separate probe, the CBI is also examining transactions involving companies linked to former Yes Bank promoter Rana Kapoor and entities associated with Gehlaut. Sammaan Capital has clarified that this investigation is separate from the company.