mumbai drama unfolded when a team of ed officials from delhi landed at the indiabulls housing finance company office at prabhadevi in mumbai and another companys office in pune to undertake a search in a money laundering case indiabulls officials in mumbai cited a delhi high court order imposing a stay on any ed action but the ed eventually searched the premises when the indiabulls team failed to produce the court orderindiabulls informed the bse and nse regarding the ed action saying we wish to inform that the enforcement directorate has sought some information regarding certain clients and the matter originates from ecir no 07 hui2021 filed by ed on the basis of fir lodged in village wada palghar maharashtra in april 2021 the company and its officials have provided the data of clients to the ed it further added the company had approached the bombay hc seeking quashing of the false and malicious fir filed against the company in village palghar last year the division bench of bombay hc on april 27 2021 passed a detailed order staying all investigations in the matter the money laundering case is based on a complaint filed by an investor alleging that indiabulls promoters manipulated the share price to make a huge profit while causing losses to investors the complainant had alleged that companies and individuals funded by indiabulls made hundreds of crores by purchasing indiabulls shares when the share prices fell and recorded sub stantial profit margins by selling them when the prices rose such individuals and companies then diverted these profits to the entities owned and managed by the promotersdirectors of indiabulls on monday an ed team flew in from delhi and with help from their mumbai counterparts landed at the head office of indiabulls at prabhadevi and six other places at the prabhadevi office indiabulls executives told them that there was a stay order by bombay hc the ed officials informed them that the raid was in connection with a money laundering case registered in delhi and there was no court protection to indiabulls in the case indiabulls officials then cited a delhi hc order in the laundering case registered in delhi granting protection as the grounds were similar however indiabulls failed to produce the order and the search was carried out