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Indiabulls Housing Finance denies Subramanian Swamy's allegations on fund embezzelment

In a letter on Sunday Swamy had alleged that the Indiabulls Housing Finance had made embezzlement of more than Rs 1 lakh crore from NHB which regulates mortgage lenders.

Indiabulls Housing Finance denies Subramanian Swamy's allegations on fund embezzelment

New Delhi: Indiabulls Housing Finance has refuted the allegations against it over embezzling funds from the National Housing Bank (NHB) by BJP leader Subramanian Swamy.

In a letter on Sunday Swamy had alleged that the Indiabulls Housing Finance had made embezzlement of more than Rs 1 lakh crore from NHB which regulates mortgage lenders. The letter is being widely circulated on social media.

Refuting the allegations made by Swamiy, the company said in a BSE filing, “This is with reference to Shri  Subramanian  Swamy’s letter  dated  June 28th being  circulated  in social media, alleging embezzlement of more than rupees one lac crores from NHB. We wish to highlight the following facts regarding the same: Loans outstanding as on date from NHB to Indiabulls Housing is zero, Indiabulls Housing, in its history, has never taken any loan or refinancing facility from NHB. The total loan book of Indiabulls Housing is approximately Rs 87,000 crores.”

The company's shares on Monday The company's share was down 8.63% to Rs 570.30 a piece at 1.30 pm on BSE.