Money & Banking

Indiabulls HFL rejects Swamy's charge of embezzling ₹ 1 lakh cr from NHB

Our Bureau | | Updated on: Jul 29, 2019

Indiabulls Housing Finance Ltd (IBHFL), on Sunday, rejected allegations in Rajya Sabha Member Subramanian Swamy's letter circulating in social media, alluding embezzlement of more than Rs one lakh crore from the National Housing Bank (NHB).

In a notice to the stock exchanges, IBHFL said: 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 approximatey. ₹ 87,000 crores."

In the backdrop of some housing finance companies facing liquidity squeeze following the IL&FS imbroglio and asset-liability mismatches, IBHFL has moved the Reserve Bank of India seeking a merger with Lakshmi Vilas Bank.

In the letter, dated June 28, 2019, written to the Prime Minister, Swamy alleged: "I wish to inform you that IBHFL and its heading now for a financial collapse and bankruptcy...."

Published on July 29, 2019
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