New Delhi: In a significant step towards controlling financial frauds the Enforcement Directorate (ED) has stepped up action against alleged misuse of corporate loans in the country. Preparing a wider crackdown in a case involving suspected diversion of funds worth nearly Rs 10000 crore the ED has prepared to crack down on former Indiabulls Housing Finance Limited (IHFL) promoter Sameer Gehlot and several prominent corporate groups accused of financial irregularities. Case against IHFL promoter Sameer Gehlot Based on a complaint filed by the ED the Economic Offences Wing (EOW) of Delhi Police has registered an FIR against Gehlot and multiple companies for alleged financial fraud. As per media reports the ED is expected to intensify its scrutiny of the entities and transactions linked to the case. What are the large loans sanctioned by IHFL? According to the allegations large loans sanctioned by IHFL were disbursed to various companies and were allegedly misused with fraudulent intent. Among those named is Harish Fabiani of the Americorp Group who is accused of securing loans amounting to Rs 2078 crore from IHFL. Similarly five companies linked to the Reliance ADAG group allegedly received loans totalling Rs 1580 crore. The DLF Group is stated to have been disbursed Rs 1705 crore while the Vatika Group allegedly obtained loans worth Rs 4600 crore. Allegations against IHFL promoter Sameer Gehlot Investigators claim that the lending decisions were influenced by Sameer Gehlot during his tenure as promoter of Indiabulls Housing Finance. It is further alleged that Gehlot received a share of the proceeds from these transactions. Moreover the ED has alleged that the loans were routed and utilised to defraud the lender. With the FIR registered the EOW of of Delhi Police has begun a probe into the role of individuals and companies involved. Also more disclosures are expected as the investigation progresses in the case.