In a regulatory filing, the company said that a court in Gurugram had issued a non-bailable arrest warrants against Kislay Panday and his father Ram Mani Panday who are advocates by profession and who ran the "organised" racket.
The father and son run a law firm from Delhi, Managium Juris LLP, it said.
"Investigations by the Gurgaon police into a complaint filed by Indiabulls against one Vikash Shekhar, who is under arrest (his bail petition has been denied by courts), has blown the lid off an organised racket run by Kislay Panday and Ram Mani Panday," said the BSE filing.
"Both of them are absconding and on the run. Records at the Seemapuri police station, Delhi, show that there are at least four FIRs against Kislay Panday and Ram Mani Panday filed between 2002 and 2011 by various individuals for offences such as cheating, fraud, extortion, blackmailing, threatening and offences under the Arms Act," it added.
Earlier in the month, a petitioner filed a plea in the Supreme Court alleging misappropriation of Rs 98,000 crore by the company. He withdrew the petition on June 13.
The Supreme Court also pulled up petitioner Abhay Yadav, who had alleged that Indiabulls misappropriated Rs 98,000 crore of public money.
The company said: "Over the last 10 days Kislay Panday and Ram Mani Panday are repeatedly sending the malicious complaint that was initially used for trying to extort monies from Indiabulls ... under the names of several people."
( With inputs from IANS )