A Sebi report has reopened the Indiabulls YES Bank saga, citing prima facie evidence that loans were routed between promoter-linked entities via IHFL and other NBFCs on a quid pro quo basis. The findings were reportedly sent to the banking regulator in 2022. Sammaan Capital argues such SPV-backed lending is common in real estate and denies any link to Sameer Gehlaut.
Allegations against Indiabulls Housing Finance and its former promoter Sameer Gehlaut—including evergreening of loans, kickbacks, share manipulation and roundtripping—have lingered for years without traction. Now, a fresh Supreme Court communication could revive attention and accelerate the stalled proceedings. The big question: will this latest move finally turn old claims into actionable scrutiny?
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