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The audit of DHFL account books revealed that the company allegedly committed financial irregularities, diverted funds, fabricated books, and round-tripped funds in order to "create assets for Kapil and Dheeraj Wadhawan" with public funds.
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color:black">Digital Desk: According to officials, the CBI has charged Dewan
Housing Finance Ltd, its former CMD Kapil Wadhawan, director Dheeraj Wadhawan,
and others with bank fraud totaling Rs 34,615 crore, making it the largest such
case investigated by the agency.
color:black">Following the filing of the case on June 20, a team of over 50
officials from the agency conducted coordinated searches on 12 premises in Mumbai
belonging to FIR-listed accused, including Sudhakar Shetty of Amaryllis
Realtors and eight other builders, on Wednesday.
The action was taken in
response to a complaint filed by the Union Bank of India (UBI), the leader of a
17-member lender consortium that extended credit facilities totaling Rs 42,871
crore between 2010 and 2018.
color:black">The bank claims that Kapil and Dheeraj Wadhawan, in criminal
conspiracy with others, misrepresented and concealed facts, committed criminal
breach of trust, and abused public funds to defraud the consortium of Rs 34,614
crore by failing to make loan repayments beginning in May 2019.
color:black">The audit of DHFL account books revealed that the company
allegedly committed financial irregularities, diverted funds, fabricated books,
and round-tripped funds in order to "create assets for Kapil and Dheeraj
Wadhawan" with public funds.
color:black">Both are being held in judicial custody in connection with
previous fraud cases.
Lender banks declared the
DHFL loan accounts non-performing assets at various points in time, they said.
color:black">When DHFL was subjected to an investigation in January 2019
following media reports of allegations of fund syphoning, the lender banks
convened on February 1, 2019 and appointed KPMG to conduct a "special
review audit" of DHFL from April 1, 2015 to December 31, 2018.
color:black">On October 18, 2019, the banks issued a Look Out Circular against
Kapil and Dheeraj Wadhawan to prevent them from leaving the country, they said.
color:black">According to the UBI, KPMG flagged diversion of funds in the form
of loans and advances to related and interconnected entities and individuals of
DHFL and its directors in its audit.
color:black">Account books revealed that 66 entities with ties to the DHFL
promoters received Rs 29,100 crore in payments, with Rs 29,849 crore still
owed.
color:black">"The majority of such entities' and individuals' transactions
were in the nature of investments in land and properties," the bank
claimed.
It was revealed that the
DHFL disbursed funds within one month in a number of instances, diverted funds
for investment in Shetty entities, loans were rolled over without NPA
classification, repayments worth hundreds of crores were untraceable in bank statements
and an unjustified moratorium on principal and interest was granted.
color:black">Another significant amount outstanding in DHFL accounts was Rs
11,909 crore, which resulted from loans and advances totaling Rs 24,595 crore
made to 65 entities between April 1, 2015 and December 31, 2018.
color:black">The DHFL and its promoters also disbursed Rs 14,000 crore as
Project Finance but recorded it in their books as retail loans.
color:black">As a result, an inflated retail loan portfolio of 1,81,664 false
and non-existent retail loans totaling Rs 14,095 crore was created.
The loans known as
"Bandra Books" were kept in a separate database before being merged
with Other Large Project Loans (OLPL).
color:black">"It was revealed that the aforesaid non-existent retail loans
amounting to Rs 14,000 crore were largely carved out of the aforesaid
non-existent retail loans, out of which Rs 11,000 crore was transferred to OLPL
loans and Rs 3,018 crore was retained as a part of the retail portfolio as
unsecured retail loans," it claimed.
color:black">The DHFL, its directors, and executives maintained that they were
attempting to de-stress the company through various means such as
securitization of a pool of housing loans, project loans, and divestment of
promoters' stake in the company.
According to the bank,
Kapil Wadhawan continued to maintain that DHFL has six months of cash liquidity
and will remain cash surplus even after all repayment obligations are met.
The DHFL delayed interest
payment obligations to terms loans in May 2019 after being "falsely
assured" by lenders, they said, and the account was declared a
non-performing asset.
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