DHFL allegedly siphoned off over Rs 31,000 crore, claims web portal

The promoters of Dewan Housing Finance Corporation (DHFL), siphoned off more than Rs 31,000 crore public money, web portal Cobrapost claimed on Tuesday, adding that it was carried out through loans and advances to shell companies and by using other means.

The non-banking financial company allegedly routed the money through dubious companies and parked outside India, to acquire assets.

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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, Cobrapost alleged.

Cobrapost claimed that the shell companies and the destinations of the siphoned-off money are linked to or owned by promoters of DHFL – the Wadhawans.

It has alleged that around Rs 21,477 crore of DHFL’s funds were transferred into multiple shell companies as loans and investments without any declarations to the Ministry of Corporate Affairs

Cobrapost also accused that the NBFC under-reported donations of around Rs 20 crore to the ruling Bharatiya Janata Party (BJP).

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Cobrapost has claimed that donations of Rs 19.5 crore were 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. All these donors are linked to the Wadhawans, it adds.

RKW Developers did not show any donation in its balance sheets for the fiscal 2014–15. Similarly, Skill Realtors donated a sum of Rs 2 crore in 2014–15 but failed to show the same in its balance sheets, Cobrapost has further claimed.

The expose is reportedly based on company records and other official documents.

NewMobile couldn’t independently verify the report.

According to the company’s website, DHFL has been providing easy access to affordable Housing Finance for over three decades. DHFL was established in 1984 with this goal, by a visionary leader Late Shri Rajesh Kumar Wadhawan. Led by Chairman & Managing Director, Mr. Kapil Wadhawan, DHFL has strengthened its position as one of India’s leading housing finance companies and has been benchmarked as a model and a pioneer for expanding financial inclusion across India, the website says.

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