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  Business   In Other News  22 Feb 2022  ED raids Indiabulls offices in money-laundering case

ED raids Indiabulls offices in money-laundering case

THE ASIAN AGE. | RAVI RANJAN PRASAD
Published : Feb 22, 2022, 2:26 am IST
Updated : Feb 22, 2022, 7:32 am IST

The case was registered on the basis of an FIR filed in Palghar

Though the ED searches were focused only on Indiabulls Housing Finance, shares of Indiabulls Real Estate also fell sharply. (Representational Image/ DC File)
 Though the ED searches were focused only on Indiabulls Housing Finance, shares of Indiabulls Real Estate also fell sharply. (Representational Image/ DC File)

Mumbai: Officials from the Enforcement Directorate (ED) searched the offices and premises of Indiabulls Housing Finance in Mumbai, Delhi and Pune on Monday in connection with certain complaints filed by an investor accusing the company of share price manipulation and money laundering.

The case was registered on the basis of an FIR filed in Palghar, a suburb of Mumbai which said that Indiabulls Housing Finance siphoned off money and invested it in its own shares for increasing the prices. The complainant also mentioned the real estate companies which had taken loans from Indiabulls Housing Finance and routed the money back into its shares, reports said.

Though the ED searches were focused only on Indiabulls Housing Finance, shares of Indiabulls Real Estate also fell sharply. Indiabulls Real Estate shares fell 15.05 per cent to Rs 103 at the market close and dipped to an intraday low of Rs 99.45 on the BSE. Indiabulls Housing Finance shares fell 9.67 per cent to Rs 166.75.

Tags: enforcement directorate (ed), indiabulls housing finance
Location: India, Maharashtra, Mumbai (Bombay)