Raids were carried out on 70 centers of Indiabulls under the supervision of the Directorate of Income Tax , Investigation Unit in Mumbai.
The raids — one of the biggest conducted in recent times by the central agency — commenced at 8 am on Wednesday and continued through the day. The operation involved nearly 1,000 I-T officers.
The raids were carried out at the offices of Indiabulls Housing Finance, Indiabulls Ventures and Indiabulls Real Estate.
As a result shares of Indiabulls Housing Finance, Indiabulls Real Estate, Indiabulls Ventures and Indiabulls Wholesale Services fell 5-10 percent intraday on Wednesday.
Sameer Gehlaut, is the key promoter of Indiabulls group of companies where he owns 24% stake in Indiabulls Housing Finance, 47% in Indiabulls Real Estate and 32% in Indiabulls Venture.
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