Indiabulls HFL refuses charge of misappropriating Rs 1 lakh cr from NHB

Indiabulls Housing Finance Ltd (IBHFL) has rejected allegations in Rajya Sabha Member Subramanian Swamy’s letter circulating in social media, alluding misappropriation of more than Rs 1 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 Rs 87,000 crores.”

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