The Supreme Court is hearing a plea alleging financial irregularities by Indiabulls Housing Finance and its promoters. Noting ED and EOW FIRs and ongoing probes, the Court directed the CBI Director to take a final call and file a fresh affidavit.
New Delhi: The Supreme Court of India is hearing a petition that seeks a thorough investigation into alleged financial irregularities and diversion of funds involving Indiabulls Housing Finance Ltd and its promoters.
The case has been filed by Citizens Whistle Blower Forum against the Union of India and others, and is registered as SLP (Civil) No. 2993 of 2025.
The matter is being heard by a Bench comprising Justice Surya Kant and Justice Joymalya Bagchi. The petition raises serious allegations of financial wrongdoing and seeks court-monitored action by central investigative agencies.
During the hearing, Additional Solicitor General SV Raju informed the Court about recent developments in the case and stated,
“We have just registered a case with the ED.”
This submission indicated that the Enforcement Directorate has now formally initiated proceedings in the matter.
Responding to the allegations, senior advocate Harish Salve, appearing for Indiabulls, strongly denied any wrongdoing. He told the Court,
“There is no bank fraud, zero loss has occurred. These are completely baseless allegations.”
His argument focused on the claim that no financial institution has suffered any loss and that the accusations lack factual foundation.
ALSO READ: Indiabulls Housing Finance Revives Insolvency Plea Against Zee’s Subhash Chandra
Advocate Prashant Bhushan, appearing in the matter, countered this position and referred to the alleged financial misconduct. He
“Cites the bank fraud element.”
Senior advocate A.M. Singhvi further informed the Bench that multiple investigative agencies are already involved. He submitted,
“Since the ED has registered a case, proceedings have commenced. There is an FIR by ED as well as by the Economic Offences Wing.”
This statement highlighted that formal criminal investigations are now underway at different levels.
After hearing all parties and reviewing the material placed on record, the Chief Justice made important observations regarding the status of the investigation.
The Court noted,
“We have perused the additional affidavit, which states that the CBI collected additional documents from the Finance Ministry. Complete reports are not yet available with the CBI. Senior officers of CBI, ED, and SFIO are examining the matter, and ED has filed a fresh complaint.”
Taking into account that several agencies are involved and that documents are still being gathered from various sources, the Supreme Court issued clear directions to ensure coordination and accountability.
The Court concluded by directing,
“Considering that various documents are being received from multiple agencies, we direct the CBI Director to take a final call and submit a fresh compliance affidavit on the next date.”
The matter remains pending before the Supreme Court, with further developments expected once the CBI Director submits the compliance affidavit and investigative agencies place their final findings on record.
Case Title:
CITIZENS WHISTLE BLOWER FORUM V UNION OF INDIA AND ORS.
SLP(C) No. 2993/2025
Read Live Coverage:
Read More Reports On Indiabulls
FOLLOW US ON YOUTUBE FOR MORE LEGAL UPDATES
