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Mumbai: Refuting charges of misappropriation of around Rs 98,000 crore by its Chairman Sameer Gehlaut and other directors, Indiabulls Housing Finance Ltd (IBHFL) has said that the allegation is “bizzare” and is meant to malign the reputation of the company.The statement comes after a plea was filed in the Supreme Court on Monday seeking legal action against Indiabulls Housing Finance, Gehlaut and the directors for the alleged misappropriation of public money. Also Read – SC declines Oil Min request to stay sharing of documentsThe petition alleged that money worth thousands of crores were siphoned off by Gehlaut and the directors of the firm for their personal use. “The total loans on the books of Indiabulls Housing are approxRs 90,000 crores. The allegation of siphoning-off Rs 98,000 crores is bizarre,” the company said in a regulatory filing. The company said that a racket of blackmailers has been trying to extort money from Indiabulls over the last two months threatening to write complaints to various government departments alleging siphoning off of Rs 55,000 crore if Rs 10 crore was not paid to them, following which the company filed an FIR on June 4. Also Read – World suffering ‘synchronized slowdown’, says new IMF chiefIt further said that one of the people involved in the blackmail was arrested on June 7. Following the arrest, the group of people involved floated another complaint enhancing the amount concerned to Rs 98,000 crore, it said. The company said the writ petition is a “desperate attempt” to malign its reputation. Indiabulls Housing Finance also mentioned that the petitioner had bought four shares in the company a month back. Meanwhile, shares of Indiabulls Housing Finance Ltd dropped 8 per cent on Tuesday following allegations of siphoning off Rs 98,000 crore of public money. The scrip plunged 7.97 per cent to close at Rs 674.65 on the BSE. During the day, it tumbled 8.77 per cent to Rs 668.70. On the NSE, shares of the company tanked 8 per cent to close at Rs 674.15. As many as 25.70 lakh shares of the company were traded on the BSE, while over three crore shares changed hands on the NSE.