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central bureau of investigation ,CBI) has alleged DHFLThe promoters created 87 shell companies, created over 260,000 “fictitious borrowers” and set up a “virtual branch” to divert funds borrowed from banks. In its charge sheet filed last month in connection with India’s biggest bank fraud of Rs 34,614 crore, the CBI said Kapil and Dheeraj Wadhawan Funds diverted and bought 24 paintings worth ₹63 crore.
Taking cognizance of the charge sheet, a special CBI court ordered last week that all 75 accused in the case be summoned. “Investigation is also to be done at the foreign level to trace the money trail of DHFL,” the court order said.
The chargesheet, a copy of which was seen by ET, said DHFL disbursed Rs 11,765 crore to 87 shell companies between 2007 and 2017. It added that the CBI probe has revealed that the Wadhawans incorporated entities in the names of their employees, associates and friends. ,
branch code 001
The chargesheet states that they fraudulently and dishonestly used these entities as vehicles to divert funds drawn from banks from the accounts of DHFL.
The CBI said in the charge sheet that DHFL had several branches for loan disbursement and for disbursement to these shell companies, the company created a unique code name “Bandra Branch”.
“The promoters of DHFL knowingly transferred funds to these companies when they needed them for some business or personal use,” the chargesheet said. “Most of these Bandra Book companies did not have any projects to avail loans from DHFL. Loans to these shell companies were disbursed with approvals. Kapil Wadhawan, No formal process of loan appraisal or appraisal, security, credit committee was followed in violation of applicable DHFL credit policies.”
The agency said that “to conceal the funds given to various shell companies and to account for the same in the books of accounts of M/s DHFL, a branch in the name of ‘Bandra branch’ and code 001 was created in the software. The old software The system and trial balances generated in the system were manually fed against this branch (in the new software system) for reconciliation of company balances.”
It added that the “Bandra branch” with code 001 “did not exist physically and was a virtual branch created in pursuance of a criminal conspiracy hatched between the accused promoters to siphon off DHFL funds available from banks”.
investigation in progress
The CBI informed the court that “with regard to ascertaining the role of the remaining accused, namely, businessman Sudhakar Shetty, M/s Amaryllis Realtors and M/s Gulmarg Realtors, the remaining Chartered Accountants (who audited the balance sheets of e-DHFL and shell companies and who facilitated the promoters), ultimate beneficiaries/shell companies and other Wadhawan group companies, officials of DHFL, insider share-trading of DHFL shares, bank officials, NHB officials and other related issues through diversion of funds End use in progress.”
The agency claimed that over 260,000 fictitious borrowers were created by the Wadhawans using a software that specially created multiple retail home loan entries by randomly selecting the names and addresses of pre-existing home loan borrowers of DHFL. Shows were programmed to generate dummy data.
The chargesheet further states that the Wadhawans, along with other accused, diverted funds for personal expenses like chartered plane hire, foreign travel and credit cards.
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