CBI guides ‘biggest’ financial institution fraud case of Rs 34,615 crore for DHFL 17 banking institutions hit: Tribune of India

PTI

New Delhi, June 22

The CBI has charged Dewan Housing Finance Ltd, its previous CMD Kapil Wadhawan, director Dheeraj Wadhawan and other folks with bank fraud expenses of Rs 34,615 crore in the biggest these types of situation investigated by the company, officials claimed on Wednesday.

Following the scenario was registered on June 20, a staff of more than 50 officers from the agency carried out coordinated searches on Wednesday at 12 premises in Mumbai belonging to the defendants listed in the FIR, which also bundled Sudhakar of Amaryllis Realtors Shetty and 8 other builders.

The motion is towards a grievance submitted towards Union Lender of India (UBI), the chief of a 17-member lender consortium that expanded its credit rating facility to Rs 42,871 crore among 2010 and 2018.

The bank alleged that Kapil and Dheeraj Wadhawan conspired with other folks to dedicate crimes, distort and conceal info, commit prison breaches of trust and misuse general public money to default on repayments from May possibly 2019, therefore defrauding the consortium of Rs 34,614 crore .

An audit of DHFL’s books revealed that the company was involved in monetary irregularities, misappropriation of money, falsification of textbooks, round excursion resources to use general public funds “to create belongings for Kapil and Dheeraj Wadhawan”.

The two are in judicial custody in excess of preceding fraud instances versus them.

They explained the DHFL personal loan accounts were declared non-executing property by the lending banking companies at many points in time.

In January 2019, when DHFL was investigated after media studies of alleged misappropriation of money surfaced, the financial institution bank held a meeting on 1 February 2019 to appoint KPMG from 1 April 2015 to 31 December 2018. day.

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The banks also issued surveillance notices for Kapil and Dheeraj Wadhawan on October 18, 2019, to avert them from leaving the region, they said.

UBI alleges that KPMG, in its audits, diverted resources to harmful areas in the form of loans and developments to relevant and interrelated entities and individuals of DHFL and its directors.

A review of the textbooks showed that Rs 29,100 crore was paid out by 66 entities that experienced one thing in widespread with the DHFL promoter, of which Rs 29,849 crore remained unpaid.

“Most transactions by these entities and people are of a land and home expense mother nature,” the financial institution reported.

It revealed that DHFL disbursed cash within just a month in several conditions, transferred funds to investments in Shetty entities, loans were being rolled more than devoid of NPA classification, and repayments worth billions of rupees were untraceable in lender statements , as effectively as unreasonable suspension of principal and interest.

One more key outstanding equilibrium in the DHFL account is Rs 11,909 crore arising from loans and innovations to 65 entities value Rs 24,595 crore concerning April 1, 2015 and December 31, 2018 .

DHFL and its promoters also disbursed Rs 14,000 crore as challenge financing but mirrored the identical in their publications as retail financial loans.

“This resulted in the development of 1,81,664 spurious and non-existent retail loans, ballooning the fantastic retail financial loan portfolio totalling Rs 14,095 crore.

Financial loans acknowledged as “Bandra Publications” are held in a independent databases and subsequently merged with other Significant Venture Loans (OLPL).

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“It was discovered that the OLPL category was mostly spun off from the aforementioned non-existent retail loans amounting to Rs 14,000 crore, of which Rs 1,100 crore was transferred to OLPL loans and Rs 3,018 crore was retained as component of the unsecured retail portfolio retail financial loans,” it claimed.

They claimed DHFL, its administrators and executives had been insisting that they ended up making an attempt to simplicity the pressure on the corporation by way of a range of usually means, which includes securitization of dwelling financial loan pools, job financial loans, divesting promoters’ stakes in the corporation.

Kapil Wadhawan carries on to insist that DHFL has 6 months of hard cash liquidity and will manage a hard cash surplus even just after using into account all repayment obligations, the financial institution said.

They mentioned DHFL delayed fascination payment obligations on the expression bank loan in May well 2019 just after “wrongly insuring” the lender, which has given that continued and the account declared non-undertaking.

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