In what appears to be the biggest financial scam in Indian history, the primary promoters of Dewan Housing Finance Corporation (DHFL) have been found to have siphoned off more than Rs. 31,000 crore of public money. The alleged scam has primarily been carried out through grants of loans and advances to shell companies and by using other means. Money has also been routed through these dubious companies and parked outside India, to acquire assets. Cobrapost claims to have unearthed the scam by closely analysing documents available with public authorities and information available in public domain.…
By lending to shell companies without due diligence, the DHFL is accused of ensuring that the recovery of such dubious loans is impossible since the companies or their directors themselves do not own any assets. This way the properties/private wealth acquired by the Wadhawans and their associates by using the funds from these dubious loans are completely ring-fenced from any recovery process, claimed the Cobrapost investigation.
Another highlight of today’s expose by Cobrapost is the donation made by a group of companies belonging to DHFL to the ruling BJP. In total, companies owned by the DHFL have donated Rs 19.60 crore to the BJP. One of the subsidiaries, RK Developers, had hidden their donation of Rs 9.93 crore made to the BJP in their balance sheet. The role of Prime Minister Narendra Modi had come under a huge scanner after his close friends Mehul Choksi and Nirav Modi fled India by defaulting the PNB worth over Rs 5,000 crore of loans.…
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