IHFL denies charges of siphoning off Rs. 98,000 crore

Indiabulls Housing Finance Limited (IHFL) has denied any siphoning of funds and has called the petition filed against the company's chairman ‘bizarre’.

With respect to the allegations against IHFL's chairman, the company in a press release denied any such action and stated that a group of blackmailers have tried to extort money from the company for over two months by threatening the company of filing a complaint to government officials about its top management siphoning off Rs. 55,000 crore. A sum of Rs. 10 crore was demanded by the blackmailers. According to the company, post the arrest of the blackmailer by the police, others involved in blackmailing floated a new complaint of Rs. 98,000 crore being siphoned off by the company officials.

The company believe that due to its proposed merger with Laxmi Vilas Bank, the management officials would have been easy targets. The company stated that this situation has been created by the blackmailers only to attempt and disturb the reputation of the company and divert attention from the ongoing police proceedings.

On Tuesday, the stock of IHFL was last seen trading at Rs. 708 per share, which is 3.46 per cent or Rs. 25.65 lower than the previous close. The 52-week high is Rs. 1,397 and 52-week low is Rs. 575.35 on the NSE.