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Informist, Tuesday, Aug. 18, 2026

 

NEW DELHI – Hearing a petition for a probe into irregularities and siphoning of funds by Sammaan Capital Ltd.'s former promoters, the Supreme Court Tuesday asked the Central Bureau of Investigation to probe all six allegations flagged by the Enforcement Directorate against the company and its related entities. The Central Bureau of Investigation will probe the five transactions against the company and its officials, which were looked at by the Delhi Police's Economic Offences Wing, saying it would not be guided by the latter's conclusions. 

 

In addition, the apex court directed the special court under the Prevention of Money Laundering Act, 2002, in Mumbai to decide within two weeks the Central Bureau of Investigation's plea for further investigation into an INR 15.74 billion transaction forming the sixth allegation. The top court asked both the Central Bureau of Investigation and Economic Offences Wing to file fresh status reports on the same. 

 

Advocate Prashant Bhushan, appearing for the petitioner Citizens Whistle Blower Forum, said that the Enforcement Directorate complaint contains six allegations involving financial transactions of Sammaan Capital and associated entities. These transactions prima facie disclose fraud, criminal conspiracy, diversion of funds and evergreening of loans funded by public money through banks, said Bhushan. One of the allegations concerns loans of nearly INR 16.93 billion advanced to entities of the AmeriCorp Group, he said. Loan funds were allegedly routed back into shares of Sammaan Capital entities, generating profits through manipulated share price movements, he said. The Enforcement Directorate also found material suggesting diversion of funds and suspicious transactions in relation to the Palais Royale project in Mumbai, he added.

 

The court noted that the Economic Offences Wing had examined all these allegations and had not found any irregularity. That is only the Economic Offences Wing's position, said Bhushan. The Central Bureau of Investigation has not investigated the five allegations because it says the Economic Offences Wing is already looking into them, he said. There is a need for a competent agency to independently examine all these allegations, he added. 

 

Last year, the Supreme Court had asked senior officers of the Central Bureau of Investigation, the Enforcement Directorate, the Serious Fraud Investigation Office, and the Securities and Exchange Board of India to convene a joint meeting to "objectively" examine the issues of "irregularities" raised by a petitioner against Sammaan Capital's former promoters. The court also questioned the cool attitude and "friendly approach" by the CBI in the case. The Supreme Court was hearing a plea by Citizens Whistle Blower Forum, seeking a probe into alleged irregularities by the company's promoters and chairman, including round-tripping of capital, violations of provisions of The Companies Act, and siphoning of funds. 

 

 

Earlier, the top court had said a report by SEBI, which had conducted an investigation into the activities of Sammaan Capital, shows quid pro quo arrangements by the company in loans given to companies such as Reliance Anil Dhirubhai Ambani Group, DLF Group, Vatika Group, Rana Kapoor family group and others. The SEBI's report consisted of sufficient material for registration of a first information report by CBI, noted the bench.

 

 

According to the petitioner, Sammaan Capital had been extending huge loans to various companies, which in turn had been routing a substantial part of the money as investment in companies belonging to key shareholders and promoters of Sammaan Capital, including Sameer Gehlaut, the company's founder and chairman. Since the money was essentially borrowed from public and private sector banks, "thousands of crores of public money seem to have been siphoned out by the company in order to financially benefit its promoters", said the petitioner.

 

Further, the petitioner said Sammaan Capital and its group companies had engaged in questionable financial practices, such as issuing preference shares and mobilisation of advances and convertible debentures. The forum alleged that certain borrower companies shared directors and office addresses with Sammaan Capital while others, lacking tangible assets or operational businesses, were given substantial loans. It said the market regulator had conducted an inquiry into Sammaan Capital's affairs but had merely forwarded its report to the ministry without taking any action.

 

At 1330 IST, shares of Sammaan Capital Ltd. were down 1.4% at INR 151.13 on the National Stock Exchange.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Surya Tripathi

Edited by Akul Nishant Akhoury

 

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