ED conducts raids at Indiabulls Finance Centre in Delhi, Mumbai; group stocks tank up to 20%

The Enforcement Directorate (ED) on Monday conducted raids at offices of Indiabulls Finance Centre in Delhi and Mumbai, official sources said. The ED search is on the basis of an Enforcement Case Information Report (ECIR) registered by the ED under the Palghar police regarding a first information report against Indiabulls Housing Finance (IBHL) for allegedly siphoning off funds and for accounting irregularities committed by the promoters and directors of the company during 2014-2020. In April 2021, ED had registered a case against Indiabulls Housing Finance and its promoters.