New Delhi: A status report was filed by the Delhi Police Economic Offences Wing (EOW) before the Supreme Court. The filing has raised questions against previous promoter of Indiabulls Housing Finance Limited (IHFL) Sameer Gehlaut.
The report was filed on 11th August, 2026. It was registered in Special Leave Petition (Civil) No. 2993 of 2025. The reason for this investigation is loans provided by IHFL, now the company is known as Sammaan Capital Limited to five different companies provided by IHFL, now known as Sammaan Capital Limited in- DLF, Vatika, Chordia, Americorp and Reliance ADAG. The FIR alleged that funds that were borrowed by these borrowers were found invested in shell companies linked with Gehlaut. Although the EOW investigation has not found any evidence that proves such link.
All 197 Loan Accounts were fully paid and closed
One of the most important findings of this report was full repayment of these loans. According to the EOW status report, Sammaan Capital has submitted a report from chartered accountants N.D. Kapur & Co. covers 197 loan accounts related to five corporate groups.
The certificate reports a total loan amount of ₹8,267.86 crore, while gross collections was at around ₹11,073.77 crore. The report confirms the status of all 197 accounts as closed.
The EOW report has stated that gross collections are more than the sanctioned amounts. This is important because the original allegations were about unlawful loss to IHFL.
Chordia: ₹50 Crore Payment Found Supported by Business Documentation
The EOW investigated a ₹50 crore payment made by Built To Live Realty LLP, a Chordia Group company. This payment was made to Indiabulls Real Estate Limited (IBREL).
The investigation included the tax invoice, banking records, entries and financial statements. According to the report, the services included market research, project planning, land acquisition assistance, urban planning, regulatory compliance, project management. The report has also confirmed that IBREL is a publicly listed company and it is not only owned by Gehlaut. SEBI has seen a payment made to a listed company but it could not solidify the allegation of self benefit of the promoter.
Most importantly, the investigation could not find any evidence that could prove the ₹50 crore investment was transferred to Gehlaut personally or to an entity related to him.
DLF: No Financial Trail Linking IHFL Loans to Gehlaut Entities
The EOW looked into allegations that said DLF Group companies invested ₹66 crore in EMU Realcon Pvt. Ltd. A company related to Sameer Gehlaut. The investigation has found differences in the timing of the transactions. The ₹66 crore investment was done in FY 2014-15. Out of the three DLF entities which were there only one company took the loan from IHFL that too after 17 months from the actual date of the investment.
The timeline of this transaction proves that the IHFL loan could not have been used to make the earlier ₹66 crore investment. The report also said that the investigation so far has not found any financial evidence proving IHFL loan funds were transferred directly to companies related to Gehlaut.
Vatika: Investments Preceded IHFL Borrowing by More Than Two Years
The investigation brought up another key finding which was the allegation for investments made by Agnes Developers Pvt. Ltd. The allegation was that the investment was made to entities associated with Gehlaut.
EOW found that these investments were done in 2014. But Agnes Developers received the IHFL loan only in August 2016. Clearly the timeline does not match. The EOW also reported that there was no evidence proving that funds borrowed from IHFL were used in any companies associated with Sameer Gehlaut. The Vatika loans were paid with full interest with no registered financial loss to IHFL.
Regulatory Records Also Examined
The EOW investigation covered a wide range of records. The status report included documents from SEBI, NHB, the Ministry of Corporate Affairs and the Enforcement Directorate. This was combined with bank statements, loan and disbursement records. In the case of DLF the report says that examinations by SEBI and NHB Special Audit did not find any irregular retention or use of funds by DLF Group companies. They have also not found any direct link between IHFL loans and the investments made in Gehlaut related companies. The EOW also found similar results in the cases of Chordia and Vatika respectively.
Findings Mark Significant Development for Gehlaut
The EOW status report is not a final verdict. The allegations in the FIR are different from the conclusions that might come up through the legal process.
That being said, the findings show an important development for Sameer Gehlaut. The main report that can be seen from these investigations is that all 197 loan accounts investigated across the five corporate groups were fully repaid and closed. Also the total collections were more than the sanctioned amounts.
Most importantly the investigation could not find financial connection, evidence or direct connection between IHFL loan and Gehlaut or companies related to him.
In a few cases the investments were irregular and those investments were made to companies related to Gehlaut months or years before the IHFL borrowing.