The Economic Offenses Wing (EOW) of Delhi Police, in its status report filed in the Supreme Court, has said that the investigation so far has not found any direct financial link between the loans given by Indiabulls Housing Finance Limited (IHFL), now known as Samman Capital Limited, and investments made in entities linked to the company's former promoter Sameer Gehlaut. According to the EOW, based on the facts and documents available till this stage of the investigation, a direct financial link could not be established between the loans given and investments in the concerned institutions.
FIR was registered in 2025
In this case, FIR was registered on December 15, 2025 on the basis of the complaint of the Enforcement Directorate (ED). The allegation was that some corporate groups used a part of the loan amount taken from IHFL for purposes other than the purposes for which the loan was sanctioned to them. The investigation also included allegations that the loan proceeds were used to invest in entities beneficially owned or controlled by Sameer Gehlot. EOW, in its status report filed in the Supreme Court, has said that in the investigation so far, no direct financial link has been found between the loan and investment in institutions linked to Gehlot.
What did EOW say?
Regarding the investigation of the case, EOW said that loan records, bank statements, fund flow, payment related documents and other records received from Samman Capital, SEBI, MCA and National Housing Bank were examined. In the DLF case, a total of Rs 2,212.65 crore was sanctioned and disbursed in 67 loan accounts. Gross recovery of Rs 2,731.58 crore was made from these accounts and all the loan accounts have now been closed. EOW also investigated investments worth Rs 66 crore made in EMI/EMU from DLF group companies. This investment was made in 2014-15, while the corresponding IHFL loan was taken about 17 months later. During investigation, no financial trail was found in the documents and financial records available for the loan amount to reach the institutions associated with Sameer Gehlot.
Financial link not found even in the cases of Vatika and Americorp Group
In the case of Vatika Group, a total of Rs 2,832.21 crore was sanctioned and disbursed in 113 loan accounts. According to EOW, gross recovery of Rs 4,291.36 crore was made from these accounts and all the accounts have been closed. The investigating agency also investigated the investment of Rs 200 crore made by Agnes Developers in companies linked to Sameer Gehlot. This investment took place in 2014, while the related IHFL loan was taken in 2016. That means there was a gap of more than two years between the two incidents. Based on available documents and records, EOW did not find any financial link between the loan amount and the investment. At the same time, Rs 154.50 crore was sanctioned and disbursed in four loan accounts linked to Americorp Group. Gross recovery of Rs 166.28 crore was made from these accounts and all the accounts have been closed.
The report also mentions the Chartered Accountant certificate issued by ND Kapoor & Company. According to this, loans worth Rs 8,267.86 crore were sanctioned in a total of 197 loan accounts belonging to the five corporate groups. Gross recovery of Rs 11,073.77 crore was made from these accounts and all 197 accounts have been closed. The matter is still pending in the Supreme Court.
What is the whole matter?
The case pertains to the investigation into allegations related to DLF, Cordia and Vatika groups. The case is investigating possible financial links between loans taken from IHFL and investments made in entities linked to Sameer Gehlot. EOW has filed this status report in compliance with the Supreme Court order dated July 28, 2026. The report was presented by Additional Police Commissioner Ravi Kumar Singh. Based on the investigation so far, the EOW report said that documents related to various loan accounts, bank records, fund flow and investments have been examined. The agency has not found any direct financial trail between the loan amount and investments by Gehlot-linked entities in the records available.
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