Subramanian Swamy, India’s most prominent crusader against corruption has levelled allegations against a company for using its political connections to make money. India Bulls, a financial services conglomerate, which primarily deals with housing finance, has laundered more than 1 lakh crore rupees, Swamy alleged. To give an estimate, 1 lakh crore rupees is the equal budget of Haryana for 2018-19 or almost 25 percent of the budget of Uttar Pradesh in 2018-19.
Swamy has levelled charges against P Chidambaram, senior party leader and former finance minister of the country and Bhupinder Singh Hooda, former chief minister of Haryana.
In a letter addressed to PM Modi, Subramanian Swamy has asked to a constitute a Special Investigation Team of the Central Bureau of Investigation (CBI), Enforcement Directorate (ED), Serious Frauds Investigation Office (SFIO) and Income Tax (IT) officials to probe the case. The crusader against corruption has also asked for prevention of escape of the promoters of the company from country. Sameer Gehlaut, founder and chairman of the India Bulls Group, is among youngest self-made billionaires in the country with a net worth of 2 billion dollars as per Forbes 2019 edition.
According to Swamy, India Bulls siphoned off funds of the National Housing Bank, a public sector company under Government of India. “As per credible information that I have, and after perusal of many available documents, I wish to inform you that India Bulls Housing Finance Limited and its associates which many Congress leaders eg : 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” said Swamy in his letter to the Prime Minister.
“India Bulls Housing Finance Limited and its related firms formed more than 100s of shell real estate firms to take loans from NHB and re-allot or siphon it off to many real estate firms in Maharashtra, Delhi, Gurugram, Bangalore and Chennai in the range of Rs.30 crores to Rs.1000 crores. After allotting these loans to other friendly real estate firms India Bulls accepted these amounts back as an investment to them! Some of such dubious loans were just book entries. That is, nothing but money laundering and round-tripping,” added Swamy in the letter.
The shares of India Bulls Housing Finance Limited fell by 10 percent to 562 rupees per share. The shares of the company are down by 27 percent in first seven months of this calendar year.
Previously, the offices of India Bulls were raided for tax evasion of 1,500 crore rupees in mid-July 2016. The office premises of India Bulls Housing Finance, India Bulls Ventures and India Bulls Real Estate were raided by IT officers in New Delhi, Mumbai and Chennai. “Some dubious real estate firms involved in 2G Scam and related to Dawood Ibrahim also have 1000s of crores of rupees worth illegal transactions with India Bulls, and which is now at the verge of sinking,” wrote Swamy in the letter.
Given below is the link to the Swamy’s letter to the Prime Minister:
Subramanian Swamy has played an important role India’s anti-corruption drive and brought many cases against many prominent politicians from across the political spectrum.