Money & Banking

DHFL reports fresh fraud of ₹1,424.32 cr

Our Bureau Mumbai | Updated on March 05, 2021

DHFL is in the final stages of the resolution process with Piramal Capital and Housing Finance Ltd

They occurred during FY 2017-18 and 2018-19

Troubled Dewan Housing Finance Corporation Ltd on Friday reported another fraud, amounting to ₹1,424.32 crore.

“As per the transaction auditor report shared with the Administrator, the monetary impact of the above transactions covered under the Affidavits amounts to ₹1,264.29 crore towards outstanding principal, ₹130.09 crore towards accrued interest and ₹29.94 crore towards notional loss of interest on account of charging lower rate of interest,” it said in a regulatory filing.

According to the report of the transaction auditor – Grant Thornton, the transactions which are “undervalued, fraudulent and preferential in nature” occurred during financial years 2017-18 and 2018-19 and the person involved include Kapil Wadhawan, Dheeraj Wadhawan, Township Developers India Ltd. and entities to whom Inter corporate deposits (ICDs) were given.

“...the Administrator has filed two additional affidavits before the Mumbai bench of the National Company Law Tribunal under Section 45, Section 60(5) and Section 66 of the Code on March 04, 2021 in respect of disbursements made to certain entities ICDs, against Kapil Wadhawan, Dheeraj Wadhawan, Township Developers and entities to whom ICDs were given,” the filing further said.

Incidences of fraud

This fresh incidence of fraud has been reported by DHFL just days after it reported that the transaction auditor had detected a fraudulent transaction of ₹6,182.11 crore. Previously too, it has reported at least three such incidences.

The troubled housing finance company is in the final stages of the resolution process with Piramal Capital and Housing Finance Ltd as the successful bidder.

Published on March 05, 2021

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