New Delhi, July 28, 2026 (Yes Punjab News)
The Supreme Court on Tuesday expressed strong dissatisfaction over the pace of investigations by the Central Bureau of Investigation (CBI) and the Delhi Police’s Economic Offences Wing (EOW) into alleged financial irregularities involving Indiabulls Housing Finance Limited (IHFL), now known as Sammaan Capital Ltd.
A Bench comprising Chief Justice of India Surya Kant and Justices Joymalya Bagchi and V. Mohana questioned the investigating agencies for failing to provide a clear update on the status of the probe despite earlier directions from the court.
During the hearing, the Bench asked what progress the CBI had made over the past several months and observed that the agency should clearly state whether any criminal offence had been established instead of allowing the matter to remain unresolved.
Appearing for the CBI, Additional Solicitor General S.V. Raju informed the court that the investigation was continuing and that the Serious Fraud Investigation Office (SFIO) had also initiated its own inquiry. He sought two weeks to file a detailed status report outlining the developments made by the investigating agencies.
The Bench noted that it had considered summoning the heads of the concerned agencies for non-compliance with its previous directions but deferred that course of action after the Centre’s law officer assured the court that an updated report would be submitted.
Senior advocate Prashant Bhushan, appearing for the petitioner Citizens Whistle Blower Forum (CWBF), submitted that earlier material placed before the court referred to findings by the Enforcement Directorate (ED) and the Securities and Exchange Board of India (SEBI) indicating alleged siphoning of funds. He also stated that the Delhi Police EOW had already registered certain FIRs and that the CBI was considering linking multiple cases flagged by the ED with the Yes Bank investigation. Bhushan further reiterated the demand for a court-monitored Special Investigation Team (SIT) to conduct a comprehensive probe.
Senior advocates Mukul Rohatgi, Abhishek Manu Singhvi and Nalin Kohli, appearing for the respondents, denied the allegations of financial wrongdoing.
The petition seeks an SIT investigation into alleged financial irregularities, including round-tripping of funds, violations of the Companies Act and alleged diversion of money involving the erstwhile Indiabulls Housing Finance Ltd., now Sammaan Capital Ltd., and its subsidiaries.
The plea alleges that several companies receiving substantial loans had negligible paid-up capital, common directors, shared addresses and no genuine business operations, with funds allegedly routed back to entities linked to the promoters.
The Supreme Court had also expressed concern over the pace of the investigation in November last year, when it questioned the approach adopted by multiple agencies, including the CBI, SEBI, the Enforcement Directorate, the SFIO and the Ministry of Corporate Affairs, and directed them to coordinate their investigations and submit status reports.
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