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ED Raids Indiabulls Finance Centre Amid Money Laundering Allegations

According to the sources, a joint team of ED Delhi and ED Mumbai officials initiated the search operation on Monday morning.

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The Enforcement Directorate (ED) on Monday conducted raids at the offices of Indiabulls Finance Centre in Mumbai and Delhi, according to the sources. 

According to the sources, a joint team of ED Delhi and ED Mumbai officials initiated the search operation on Monday morning. 

The search is underway, sources informed. 

The step came after an Enforcement Case Information Report (ECIR) filed by the ED under the Palghar police, amid an FIR against Indiabulls Housing Finance (IBHL) for fraud in funds and for accounting irregularities by the promoters and directors from 2014-2020.

Meanwhile, ED has already filed a case in April 2021 against Indiabulls Housing Finance and its promoters under the Prevention of Money Laundering Act, 2002 (PMLA).