ED raids Indiabulls Finance center in Mumbai, Pune; company claims a stay on investigation from Delhi HC

The Enforcement Directorate (ED) conducted raids at Indiabulls Finance Centers in Mumbai and Pune on February 21. The company is accused of wrongly investing in its own shares. Zee Business’ Tarun Sharma brings this detailed report.

Sharma in his report said that the ED raids began since the morning as the searches are being conducted at various locations in Mumbai and Pune.

The matter is related to last year when an FIR was lodged in Palghar. The complainant had accused the company of providing loans to its own people and the money was being used to increase the price of its shares. 

The ED took the case last year in April but the matter was not expedited because of the Covid. Many officials of the company were recently summoned by the ED. 

Meanwhile, the company moved the Delhi High Court and has received a favourable order which was not uploaded at the time of the breaking of this story on the channel. He said that a company spokesperson had told him that the Delhi High Court has put a stay on the investigation. 

The exact details of the order will be known once the order is uploaded, Sharma said.

For more details, Watch Full Video Here:-

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#Mumbai में #Indiabulls पर ED की छापेमारी
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— Zee Business (@ZeeBusiness) February 21, 2022