MUMBAI The Enforcement Directorate (ED) raided India Bulls Finance Centre offices in Mumbai and Delhi on Monday in connection with a Money Laundering Prevention Act complaint filed against the firm and its promoter Sameer Gehlaut in April 2021.

In this case, the ED had already recorded the statement of a Pune-based real estate businessman. On Sunday, ED officers met to prepare the raid for Monday. To recover a few incriminating documents, separate teams were organised.

A case against the company and its promoter had previously been filed in Palghar, Maharashtra. The real estate company allegedly obtained a loan from India Bulls and then invested in India Bulls housing shares, according to the FIR. The corporation had enhanced the value of its stock, and the proceeds were eventually diverted to other entities.

The ED was barred from taking coercive action against the corporation by the Delhi High Court. More information is awaited.

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