A bench of Justices Surya Kant and Joymalya Bagchi demanded, “Why has the CBI not appeared despite being served notice? How can the CBI refuse to appear before this court? Let senior CBI officials present themselves immediately.”
NEW DELHI: The Supreme Court on Monday reprimanded the CBI for failing to appear in a case against Indiabulls Housing Finance Limited (now Sammaan Capital Limited) over allegedly dubious loan disbursements to corporate entities.
A bench of Justices Surya Kant and Joymalya Bagchi demanded, “Why has the CBI not appeared despite being served notice? How can the CBI refuse to appear before this court? Let senior CBI officials present themselves immediately.”
Advocate Prashant Bhushan, for the NGO Citizens Whistle Blower Forum, alleged that Indiabulls, a nonbanking financial company, extended thousands of crores in loans to firms, which then funneled hundreds of crores back to the promoters as unsecured advances. “This is a scam,” he said, noting that the Enforcement Directorate’s affidavit acknowledges wrongdoing under investigation, and that SEBI has recommended referring the matter to the appropriate agencies.
The petition claims Indiabulls and its owners made questionable loans to corporate groups that rerouted the funds to promoter‑owned entities, enriching them personally. Additional Solicitor General S.V. Raju, for the ED, confirmed an ongoing probe but said the CBI required a formal complaint and state consent before acting. The court countered that the CBI could file a case based on judicial records alone, emphasising, “No one is above the law.”
Senior advocate Mukul Rohatgi, representing Indiabulls, branded the NGO a “blackmailer” and noted that the Delhi High Court had dismissed its petition. The bench pressed Raju to summon senior CBI officials for questioning and set the next hearing for July 30.
On May 13, the court had sought the CBI’s response to a plea challenging the High Court’s February 2, 2024 order. It also recorded submissions from the Ministry of Corporate Affairs and SEBI that IHFL had committed irregularities. The ED has alleged that, in one Maharashtra case, public investors were cheated of around ₹300 crore and funds were siphoned abroad.
