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    ED conducts raids at Indiabulls Finance Centre in Mumbai, says report

    ED conducts raids at Indiabulls Finance Centre in Mumbai, says report

    ED conducts raids at Indiabulls Finance Centre in Mumbai, says report
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    By CNBCTV18.com  IST (Updated)

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    The ED had registered a case based on a Palghar FIR which said that the company had siphoned money and invested in their own shares for an increased price. The complainant had named real estate companies that had taken loans from Indiabulls and routed money back into IndiaBulls housing shares.

    The Enforcement Directorate (ED) on Monday conducted raids at Indiabulls Finance Centre in Mumbai, a media report said. A joint team of ED Delhi and ED Mumbai conducted the raid.
    According to ANI, the search was conducted on the basis of an Enforcement Case Information Report (ECIR) registered by the ED under the Prevention of Money Laundering Act, 2002, (PMLA) against Indiabulls Housing, promoter Sameer Gehlaut, and other related companies and individuals.
    The ED had registered a case based on a Palghar FIR which said that the company had siphoned money and invested in their own shares for an increased price. The complainant had named real estate companies that had taken loans from Indiabulls and routed money back into IndiaBulls housing shares.
    More details are awaited
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