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Rs 31,000 Crore Financial Scam Alleged

1/30/2019 1:32:18 PM
written By : Team India Se Print

Investigative news website Cobrapost claims the promoters of Dewan Housing Finance Corporation Limited (DHFL) siphoned off more than Rs 31,000 crore (about US$4.35 billion) in public money in India’s biggest financial scam.

Cobrapost claims the scam was pulled off mainly by sanctioning and disbursing funds in secured and unsecured loans to dubious shell companies related to DHFL’s primary stakeholders Kapil Wadhawan, Aruna Wadhawan and Dheeraj Wadhawan through their proxies and associates, which in turn passed the money to companies controlled by the Wadhawans.

“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,” creating offshore assets of around Rs 4,000 crore, Cobrapost said. It also claimed that DHFL advanced money to several companies in Gujarat and Karnataka during state elections, and also gave donations to the Bharatiya Janata Party (BJP).

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