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Fraudulent transactions of Rs 6,182 crore in DHFL unearthed
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SME Times News Bureau | 22 Feb, 2021
Transaction auditor Grant Thornton, in a report shared with the
Administrator of DHFL, has found certain transactions which are
undervalued, fraudulent and preferential in nature, putting the
newly-discovered fraud at Rs 6,182 crore.
The Administrator of
Dewan Housing Finance Company Ltd, appointed under the Insolvency and
Bankruptcy Code, 2016 to carry out the duties under it, obtained
assistance from reputed professional agency, Grant Thornton to conduct
investigation of the affairs of the company in respect of transactions
qualified under sections 43 to 51, and sections 65 and 66 of the Code.
Accordingly,
the Administrator of the Company received an initial report from the
professional agency appointed as the transaction auditor, indicating
that there are certain transactions which are undervalued, fraudulent
and preferential in nature, falling under the aforesaid sections of the
Code, as per a filing.
On basis of the investigation and
observations of the transaction auditor, the Administrator has filed an
application before the Mumbai bench of the National Company Law Tribunal
(NCLT) under Section 45, Section 60(5) and Section 66 of the Code on
February 20, 2021 in respect of disbursement made to certain entities as
other large project loans (OLPL), against Kapil Wadhawan, Dheeraj
Wadhawan, Creatoz Builders Pvt Ltd, Ikshudip Fincap Pvt Ltd, Rite
Developers Pvt Ltd and certain other entities. It is to be noted that
further filings may be undertaken, in due course.
The nature of
fraud is in relation to irregularities in disbursement of OLPL loans by
the company in the past. As per the transaction auditor report shared
with the Administrator, the monetary impact of the above transactions
covered under the application amounts to Rs 5,381.90 crore towards
outstanding principal, Rs 589.36 crore towards accrued interest and Rs
210.85 crore towards notional loss of interest on account of charging
lower rate of interest. Thus, the total impact of such transactions, as
detailed in the transaction auditor's report, has been sought from the
relevant entities involved, along with the interest for the relevant
period, through the said application filed with NCLT.
As per
the report prepared by the transaction auditor, the concerned
transactions occurred over a period of time, detailed in the report.
Based
on the report, the application has been filed with NCLT, Mumbai against
33 respondents, including Kapil Wadhawan, Dheeraj Wadhawan, Creatoz
Builders Pvt Ltd, Ikshudip Fincap Pvt Ltd, Rite Developers Pvt Ltd and
certain other entities.
The preliminary estimation included in
the application places the monetary impact of the concerned transactions
at approximately Rs 6,182.11 crore (which includes Rs 210.85 crore
towards notional loss of interest on account of charging lower rate of
interest).
All relevant details regarding these proceedings have
been included in the application filed before the National Company Law
Tribunal, Mumbai and is presently pending consideration.
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