BJP leader Subramanian Swamy filed lawsuit against the India bull housing finance firm under money laundering worth more than Rs 1 lakh crore. Refuting the charges on India bulls, the group said it has never taken any loan or refinancing facility from National Housing Bank (NHB).

Shares Indiabulls group plunged badly between 5-12 per cent on the Bombay Stock Exchange (BSE). Rajya Sabha member Subramanian Swamy claims

Indiabulls group has formed over 100 shell firms and took loans from National Housing Bank (NHB). Further re-alloted to many real estate firms in Maharashtra, Delhi, Gurugram, Bengaluru and Chennai. The re allocation was in the range of Rs 30 crore to Rs 1,000 crore approx.

Mr. Swamy has requested PM Modi to intervene for the serious investigation through the Central Bureau of Investigation (CBI), Enforcement Directorate (ED), Serious Frauds Investigation Office (SFIO) and Income Tax (IT) officials.
Shares of Indiabulls Housing Finance share price has made a downward movement hitting the low record of nearly Rs. 520.40 (NSE).