Big News from Uttarakhand: The case against Saket Bahuguna, son of former Chief Minister Vijay Bahuguna, along with 17 others, involving millions in fraud and money laundering, has been dismissed. In 2023, a lawsuit was filed against these 18 individuals, including Saket, related to **Indiabulls Housing Finance Limited** and several other companies. The Allahabad High Court has canceled the FIR and the Enforcement Directorate’s report concerning this case.
Background of the Fraud Case To give you some context, Saket Bahuguna and the other 17 individuals were accused of committing fraud worth millions, along with charges of assault and conspiracy. This case was linked to a significant land deal. Amit Walia, the owner of the Shipra Mall Group, alleged that directors from Indiabulls approached him, promising a loan of ₹1,939 crores at a lower interest rate than what was available in the market. In return, they required him to mortgage property worth ₹6,000 crores from Shipra Estate. However, after the conditions were met, the directors of Indiabulls backed out of their agreement. Instead of the full amount discussed, they only deposited half of what was promised into his account. Moreover, they withdrew a large sum for themselves and were accused of fraudulent activities to seize land from Shipra Estate. This led to the case being registered at the Indirapuram police station in Ghaziabad in April 2023.
