The Enforcement Directorate (ED) on Monday conducted raids at the offices of India Bulls Finance Centre in Mumbai and Delhi in connection with a Prevention of Money Laundering case lodged against the company and its promoter Sameer Gehlaut in April 2021.
The ED had earlier recorded the statement of a Pune based businessman who deals in real estate, in this connection.
The ED officials held a meeting on Sunday to plan Monday’s raid. Separate teams were formed to recover a few incriminating documents.
Earlier, a case was lodged against the company and its promoter at Palghar, Maharashtra. It had been alleged in the FIR that the real estate company first took loan from India Bulls and invested in India Bulls housing shares. The company had increased the share value and the money were later siphoned off to other entities.
The Delhi High Court had issued an order barring the ED from taking coercive action against the company.
Further details are awaited.