Accusing money laundering of more than Rs 1 lakh crore by India Bulls Group, BJP leader Subramanian Swamy has urged Prime Minister Narendra Modi to institute a Special Investigation Team of CBI, Enforcement Directorate, Income Tax and Serious Fraud Investigation Office to probe charges of siphoning of funds of National Housing Bank by the company.

In a letter to the PM, Swamy accused former Finance Minister P Chidambaram and many Congress leaders including former Haryana Chief Minister BS Hooda of being involved in the illegal activity of India Bulls Group.  

“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 lose of more than Rs 1 lakh crore of funds of public and of National Housing Bank,” said Swamy in his detailed letter.

The BJP leader detailed in his letter to Prime Minister how thousands of crores of rupees were taken out from the National Housing Bank (NHB) as fake loans in real estate sector through a series of shell companies of India Bulls, patronaged by big politicians from Delhi, Maharashtra and Haryana.

“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 crore to Rs 1,000 crore. After allotting these loans to other friendly real estate firms India Bulls accepted these amounts back as investment to them! Some of such dubious loans were just book entries. That is, nothing but money laundering and round tripping,” pointed out Swamy in his detailed letter to Prime Minister Modi.

Swamy said in 2016, Income Tax officials caught India Bulls for more than Rs 1,000 of crore TDS violation in loan transfers to shell firms and later re-entry of these the loans as investment. He also accused Offices of Registrar of Companies in Mumbai and Delhi for allowing the 100s of shell firms of India Bulls.

“RBI officials also connived in these dubious money laundering due to the patronage of Chidambaram in protecting India Bulls and allowing funds from NHB for past 14 years. UPA’s many kick back money from 2G and Coal were routed through India Bulls under the inistructions of Chidambaram.

“Some dubious real estate firms involved in 2G Scam and related to Dawood Ibrahim also have 1000s of crore of rupees worth illegal transactions with India Bulls, and which is now at the verge of sinking, said Swamy demanding probe by Special Investigation Team (SIT) and Special Audit on the loans granted by National Housing Bank for the past 14 years.