Cobrapost alleged that the scam has been pulled off mainly by sanctioning and disbursing funds in secured and unsecured loans to dubious shell companies, which have in turn passed the money on to companies controlled by the Wadhawans, the chief promoters of DHFL.
Investigative news website Cobrapost on Tuesday alleged that it has “unearthed a financial scam to the tune of more than Rs 31,000 crore” through which the “primary promoters of Dewan Housing Finance Corporation Limited (DHFL) and their associate companies have committed a systemic fraud” to siphon off public money.
Cobrapost alleged that the scam has been pulled off mainly by sanctioning and disbursing funds in secured and unsecured loans to dubious shell/pass-through companies, related to DHFL’s own primary stakeholders Kapil Wadhawan, Aruna Wadhawan and Dheeraj Wadhawan through their proxies and associates, which have in turn passed the money on to companies controlled by the Wadhawans.
“The money has been used to buy shares/equity and other private assets in India and abroad, including in countries like UK, Dubai, Sri Lanka and Mauritius,” creating offshore assets of around Rs 4,000 crore, Cobrapost said.
The website also alleged that DHFL advanced monies to several companies in Gujarat and Karnataka around state elections, and also gave donations to the Bharatiya Janta Party(BJP).
“… donations of Rs 19.5 crore have been given to the BJP between the financial years 2014–15 and 2016–17 by RKW Developers Pvt. Ltd., Skill Realtors Pvt. Ltd. and Darshan Developers Pvt. Ltd., respectively, although they were not entitled to do so. All these donors are linked to the Wadhawans,” Cobrapost said.
The website added it has identified 45 companies which were used by Wadhwa's as vehicles to syphon off funds from DHFL and were given loans in excess of Rs 14,282 crore.
Dewan Housing Finance Corporation
Dewan Housing Finance Corporation Ltd. (DHFL) is a deposit-taking housing finance company, headquartered in Mumbai with branches in major cities across India. DHFL was established to enable access to affordable housing finance to the lower and middle-income groups in semi-urban and rural parts of India. DHFL is the second housing finance company to be established in the country. The company also leases commercial and residential premises. DHFL is among the 50 biggest financial companies in India.
DHFL's long-term bank loan programme is rated [ICRA]A(SO) and short-term is rated [ICRA]A1+ by ICRA Limited.
DHFL was established and incorporated by Rajesh Kumar Wadhawan on 11 April 1984. The name of the company was changed to Dewan Housing Development Finance Ltd. and later to Dewan Housing Finance Corporation.
In 2010, DHFL acquired Deutsche Postbank Home Finance unit for ₹1079 crores. On 18 December 2013, DHFL acquired 74% stake DLF Pramerica Life Insurance Company Ltd.
In 29th January 2019, Cobra Post claimed an expose of DHFL for using a shell corporation to syphon up ₹ 31000 crore loan from various banks for their own personal gains. DHFL has filed a response with BSE saying this is untrue.
As of June 2018, DHFL has 209 branches and 113 service centres. It also has representative offices in London and Dubai.
Group Companies
- DHFL Pramerica Life Insurance Company Ltd.
- DHFL Vysya Housing Finance Ltd.
- DHFL Pramerica Asset Managers Pvt. Ltd.
- Aadhar Housing Finance Ltd.
- Avanse Financial Services Ltd.
- DHFL General Insurance Ltd.
- DHFL Advisory And Investments Private Limited
- DHFL Investments Limited
Products
- Home Loans
- New Home Loans
- Plot Loans
- Home Construction Loans
- Home Loan Balance Transfer
- Home Extension Loans
- Home Renovation Loans
- Plot & Construction Loans
- NRI Home Loans
- Pradhan Mantri Awas Yojana
- Non-Home Loans
- Loan Against Property
- Loan Against Residential Property
- Loan Against Commercial Property
- Commercial Property Purchase Loan
- Lease Rental Discounting
- SME Loans
- Business Loan
- Plant & Machinery Loan
- Property Term Loan
- Medical Equipment Loan
- Loan Against Property
- Deposits
- Fixed Deposit for Individuals
- Fixed Deposit for Trusts & Institutions
- Wealth2Health Fixed Deposits for Individuals
- Recurring Deposit
- Corporate Deposits
Posts
No comments:
Post a Comment