Supreme Court Demands CBI Accountability in Indiabulls Case

The Supreme Court has criticized the CBI for not appearing in a crucial case against Sammaan Capital Limited, formerly Indiabulls Housing Finance Limited. Allegations include disbursing questionable loans leading to significant financial misconduct. The Enforcement Directorate and SEBI are investigating, while the court seeks clarity from senior CBI officials.

In a striking rebuke, the Supreme Court on Monday criticized the Central Bureau of Investigation (CBI) for its absence in a high-profile case concerning disbursement of dubious loans by Sammaan Capital Limited, previously Indiabulls Housing Finance Limited.

Allegations suggest significant financial misconduct, as purported loans were funneled back to the company's promoters, potentially amassing personal wealth. Both the Enforcement Directorate and the Securities Exchange Board of India (SEBI) are actively probing the claims.

The court, seeking a detailed examination, has summoned senior CBI officials to provide explanations and progress in addressing the alleged fraud, underscoring the principle that no entity is above the law.

(With inputs from agencies.)