New Delhi: The Enforcement Directorate (ED) on Monday conducted raids at offices of Indiabulls Finance Centre in Delhi and Mumbai, official sources said.

Sources told ANI that a joint team of ED Delhi and ED Mumbai started the search operations on Monday morning. The search operation is underway.

The ED search is on the basis of an Enforcement Case Information Report (ECIR) registered by the ED under the Palghar police regarding a first information report against Indiabulls Housing Finance (IBHL) for allegedly siphoning off funds and for accounting irregularities committed by the promoters and directors of the company during 2014-2020.

In April 2021, ED had registered a case against Indiabulls Housing Finance and its promoters. ED has registered cases under the Prevention of Money Laundering Act, 2002 (PMLA) against Indiabulls Housing Finance, the company’s promoter Sameer Gehlaut and some other related companies and individuals.