Thread by @poorav100

What is #DHFLScam ? Read -
Dewan Housing Finance Corporation (DHFL) is a deposit taking housing finance company, headquartered in Mumbai.DHFL was established to enable access to economical housing finance to the lower and middle income groups in semiurban and rural parts of India

DHFL is among the 50 biggest financial companies in India.DHFL was established and incorporated by Rajesh Kumar Wadhawan on 11 April 1984. In 2010, DHFL
acquired Deutsche Postbank Home Finance unit for ₹1079 crores.On 18 December 2013, DHFL acquired 74% stake.... #DHFLScam

In DHFL Pramerica Life Insurance Company Ltd.On 29 January 2019, Cobrapost, an Indian investigative journalist group, published an exposé of DHFL for using various shell corporations to siphon more than ₹ 31,000 crores of public money for the personal gains of the.... #DHFLScam

DHFL's primary stakeholders: Kapil Wadhawan, Aruna Wadhawan and Dheeraj Wadhawan. In the same article, Cobrapost also raised allegations of political donations worth crores of rupees, in violation of Section 182 of Companies Act, 2013 for political donations. #DHFLScam

DHFL filed a response with the Bombay Stock Exchange saying the allegations raised by Cobrapost were untrue. DHFL, also rebutted these allegations in a hosted investors / analysts conference and clarified that the ₹ 31,000 crore loans mentioned in the allegation..
#DHFLScam

consist of its project loan portfolio. Also the company tried to clarify that the advances commented by Cobrapost should be ₹ 21,000 Crores and not ₹ 31,000 crores. Following the Cobrapost allegations, Indian credit rating agencies reaffirmed their high safety... #DHFLScam

rating for the financial instruments issued by DHFL.Even after the emergence of serious allegations of misconduct against its business, the Indian credit rating agencies continued to issue high safety ratings for the DHFL financial products, but, on 6 June 2019,.... #DHFLScam

DHFL defaulted on its debt repayment,resulting in a debt rating downgrade,immediately wiping out 16% of the value from its stock price. At the time,the fall in DHFL stock price was an all year low.This rapid decline in stock price resulted in loss of investor confidence #DHFLScam

On 20 November 2019, the Reserve Bank of India removed the board of directors of the company citing corporate governance failure and the company's defaulted payment obligations. In 2019, DHFL stopped payment of bonds and defaulted on its loan obligations. #DHFLScam

This caused its stock to fall over 97% and a government intervention in the company. In October 2019, the Enforcement Directorate conducted raids at several places of DHFL offices and promoter residences and found links of money laundering activity in loans given.. #DHFLScam

to firms closely linked to the promoters of the company.
 Additionally the trail of the loan given by DHFL to Sunblink real estate in 2010 lead to gangster Iqbal Mirchi, an accomplice of the organized crime mastermind Dawood Ibrahim. #DHFLScam en.m.wikipedia.org/wiki/Dewan_Hou…