BJP leader Subramanian Swamy on Monday released a letter accusing Indiabulls Housing Finance of embezzling over Rs 1 lakh crore.
In the letter, addressed to PM Narendra Modi, Swamy has said: "As per credible information that I have, and after perusal of many available documents, I wish to inform you that Indiabulls Housing Finance Limited and its associates which many Congress leaders e.g., P Chidambaram and BS Hooda have patronised, is heading now for a financial collapse and bankruptcy, resulting large corruption issues in real estate sector, banking, stock markets and loss of more than Rs. One lakh crores of funds of public and of National Housing Bank”.
Swamy also said that the company and its related firms have created more than 100 shell companies to take loans from National Housing Bank (NHB) and siphon it off to real estate firms in Gurugram, Bengaluru, Delhi and Mumbai, in the range of Rs 30 crore to 1000 crore.
Swamy accused the company of taking those loans and then accepting the amounts as a form of investment, effectively laundering the money.
Swamy said that the RBI had also connived in the money laundering and round-tripping under the protection of P Chidambaram and that the UPA's kickbacks from the 2G and Coal scams were routed through Indiabulls. He also accused the company of having ties to Dawood Ibrahim.
Swamy appealed that the company's owners, Sameer Gehlaut should be prevented from leaving the county and an SIT should be instituted using officers from the CBI, ED, Income Tax and SFIO to probe the money laundering charges.