Another $6,182 crore scam reported at DHFL

Dewan Housing Finance Corporation (DHFL) announced on Monday that its transaction auditor, Grant Thornton, had reported more fraud in the business amounting to 6.182 crores.

The industry’s administration received an interim report from the entity named as the transaction auditor alleging that there were some “undervalued, illegitimate and preferential in nature” transactions, DHFL stated in a regulatory document.

“The monetary impact of the above transactions covered by the application amounts to Rs 5,381.90 crore towards the outstanding principal, Rs 589.36 crore towards accrued interest and Rs 210.85 crore towards notional loss of interest due to the lower interest rate charged,” said the filing on the company’s expected impact. For a period of time, these transfers occurred.

DHFL management is run exclusively by an administrator named under the Insolvency and Bankruptcy Code following the discovery of fraud in the company. GT was then named by the administrator as the transaction inspector to perform an investigation into the firm’s affairs.

On the grounds of the auditor’s findings, the Administrator submitted an application targeting Kapil Wadhawan, Dheeraj Wadhawan, Creatoz Builders Pvt., against the Mumbai bench of the National Company Law Tribunal (NCLT) for disbursement rendered to such entities as other large project loans Ltd., Fincap Pvt Ikshudip. Ltd., Creators of the Rite Pvt. Ltd. plus a few other companies.

DHFL reported that 33 respondents, including Kapil Wadhawan, Dheeraj Wadhawan, Creatoz Builders, Ikshudip Fincap, Rite Developers, and several other individuals, had lodged a complaint against NCLT.

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