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#Breaking: Thread on the Anatomy of India’s biggest financial scam—Rs 31,000 cr, (not a notional value but actual, public money). Cobrapost Investigation reveals major financial scam by an NBFC, bigger than Mallya or NiMo.
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Dewan Housing Finance Corporation Limited (#DHFL) has siphoned off Rs 31,000 crore into promoter companies to create private wealth through a network of shell companies. Probe reveals the NBFC under-reported Rs 20-cr donation to @BJP4India
Dewan’s financial credentials: Rs 8,700 crore net worth, Rs 96,000 crore money raised through loans and public deposits.
Banks have disbursed Rs 37,000 crore to Dewans; SBI @TheOfficialSBI highest exposure at Rs 11,500 crore sanctioned loan, next: Bank of Baroda @bankofbaroda at Rs 5,000 crore sanctioned loan.
Cobrapost investigation of documents shows that around Rs 21477 crore of DHFL’s funds were transferred into various shell companies as loans and investments without any terms declared to Corporate Affairs ministry
The trail disappears into dozens of shell companies and that is where the fun begins. The shell companies and destination of the siphoned-off money are linked to or owned by the Wadhawans—promoters of DHFL/#LooteraDewan
Public money earmarked for slum rehabilitation disappears into shell companies. Rs 631 crore comes back after two years without any interest or dividend, some is used to buy cricket team, another to finance London bank.
Here is a single infograph that explains what Cobrapost has unearthed about #LooteraDewan.
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