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New Delhi: A status report filed by the Delhi Police Economic Offences Wing (EOW) before the Supreme Court of India has recorded a series of findings that significantly weaken key allegations concerning former Indiabulls Housing Finance Limited (IHFL) promoter Sameer Gehlaut.
The report, filed on August 11, 2026 in Special Leave Petition (Civil) No. 2993 of 2025, details the EOW’s investigation into allegations concerning loans advanced by IHFL, now known as Sammaan Capital Limited, to five corporate borrower groups — DLF, Vatika, Chordia, Americorp and Reliance ADAG.
While the FIR contains allegations that some borrower funds were subsequently routed or invested into entities associated with Gehlaut, the EOW’s investigation has produced several findings pointing in the opposite direction.
All 197 Loan Accounts Fully Repaid and Closed
One of the most significant findings relates to the repayment of the underlying loans.
According to the EOW status report, Sammaan Capital furnished a certificate issued by chartered accountants N.D. Kapur & Co. covering all 197 loan accounts of the five corporate groups.
The certificate records aggregate sanctioned loans of approximately ₹8,267.86 crore, while gross collections amounted to approximately ₹11,073.77 crore. Importantly, the status of all 197 accounts is recorded as closed.
The EOW report specifically notes that gross collections exceeded the sanctioned amounts in respect of every borrower group and that all 197 accounts had been fully repaid and closed.
This finding assumes significance because the original allegations included claims of wrongful loss to IHFL. The repayment data examined by the EOW instead shows the lender receiving amounts substantially exceeding the principal sanctioned across the accounts examined.
DLF: No Financial Trail Linking IHFL Loans to Gehlaut Entities
The EOW examined allegations that DLF Group companies had invested ₹66 crore in EMU Realcon Pvt. Ltd., an entity associated with Sameer Gehlaut, as part of an alleged quid-pro-quo arrangement.
The investigation, however, identified a critical chronological discrepancy.
The ₹66 crore investment was made in FY 2014-15. Of the three DLF entities making the investment, the EOW found that only one had subsequently borrowed from IHFL — and that loan was taken 17 months after the investment.
The report states that this timing negated the allegation that IHFL loan proceeds were used for making the ₹66 crore investment.
More significantly, the EOW records that no financial trail or documentary evidence was found during the investigation so far to suggest that funds borrowed from IHFL were directly or indirectly routed into entities associated with Sameer Gehlaut.
The report further records that the loans were duly repaid and properly accounted for and that no financial loss was caused to IHFL in relation to the transactions examined.
Chordia: ₹50 Crore Payment Found Supported by Business Documentation
The EOW separately investigated an allegation involving a ₹50 crore professional-fee payment by Built To Live Realty LLP, a Chordia Group entity, to Indiabulls Real Estate Limited (IBREL).
The investigation examined the tax invoice, banking records, ledger entries and audited financial statements supporting the payment.
According to the status report, the underlying services included strategic market research, project planning, assistance with land acquisition, urban planning, regulatory compliance, project-management support and advisory work relating to a large real-estate development.
The EOW also noted an important distinction: IBREL was a publicly listed company, rather than a private company exclusively owned by Gehlaut. The report records SEBI’s observation that a payment to a listed company could not, merely on that basis, be concluded to have been made with the intention of personally benefiting its promoter.
Crucially, the investigation found no evidence that the ₹50 crore payment was subsequently transferred to Sameer Gehlaut personally or to an entity controlled by him.
The EOW concluded that records examined during its investigation, as well as by SEBI and NHB, did not establish a direct connection between the IHFL loans and any alleged benefit to Gehlaut or his entities.
Vatika: Investments Preceded IHFL Borrowing by More Than Two Years
The Vatika Group investigation produced another significant chronological finding.
The allegation concerned investments by Agnes Developers Pvt. Ltd. into entities associated with Gehlaut. The EOW found that these investments were made in 2014.
However, Agnes Developers obtained the relevant IHFL loan only in August 2016 — more than two years after the investments had already been made.
The status report says this chronological gap negated the allegation that IHFL loan funds had been used to make those investments.
The EOW further states that, in the investigation conducted so far, no financial trail or documentary evidence was found indicating that funds borrowed from IHFL were directly or indirectly routed into companies associated with Sameer Gehlaut.
The Vatika loans were also found to have been repaid with interest, without evidence of write-offs or financial loss to IHFL.
Regulatory Records Also Examined
The significance of the EOW findings is strengthened by the breadth of material examined during the investigation.
The status report records examination of documents and findings from bodies including SEBI, the National Housing Bank, Ministry of Corporate Affairs and Enforcement Directorate, alongside bank statements, loan sanction and disbursement records, client ledgers, audited financial statements and other supporting documentation.
In the DLF matter, the report records that examinations by SEBI and its investigation wings, together with the NHB Special Audit, did not reveal abnormal retention or diversion of funds by DLF Group companies and did not establish a direct nexus between IHFL loans and the alleged investments into companies associated with Gehlaut.
Similar findings were recorded in relation to the Chordia and Vatika transactions examined by the EOW.
Findings Mark Significant Development for Gehlaut
The EOW status report does not itself constitute a final judicial determination, and allegations contained in the FIR remain distinct from findings ultimately to be reached through the legal process.
Nevertheless, the investigative findings represent a significant development for Sameer Gehlaut.
The central factual picture emerging from the status report is that all 197 identified loan accounts across the five corporate groups were fully repaid and closed, with aggregate gross collections exceeding sanctioned amounts.
More importantly for the allegations concerning Gehlaut, the EOW’s transaction-level examination has, in several key instances, found no financial trail, documentary evidence or direct nexus connecting IHFL loan proceeds with alleged benefits to Gehlaut or his entities.
In some instances, the chronology itself appears inconsistent with the original allegation – with investments into Gehlaut-associated entities occurring months or even years before the corresponding IHFL borrowing
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