Cobrapost has uncovered what could be India’s largest alleged scam. As reported by Cobrapost in a youtube video. Rs 1 lakh crore of public money lent to DHFL with no chance of recovery. Cobrapost says DHFL has been exposed.
In what appears to be the biggest banking scam in Indian history, the primary promoters of DHFL have been found to have siphoned off more than Rs. 31,000 crore of public money. The scam has primarily been pulled off through grants of loans and advances to shell companies and by using other means. Money has also been routed through these dubious companies and parked outside India, to acquire assets. Cobrapost has unearthed the DHFL scam by closely analyzing documents available with public authorities and information available in public domain.
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According to Cobra post, the main partners of DHFL, the Wadhwans have formed the shell companies in their own names. Some under their promoters names.
For the alleged scam, they formed over a dozen companies and divided them in different groups. Some of them were incorporated on the same addresses and even have the same directors. To hide the alleged scam the audit of these companies was done by the same group of auditors.
These companies got thousands of crores of loans without any collateral or securities. Even no procedure was followed before granting these loans.
These funds were used to buy personal assets in the country and abroad. In the name of slum development these shell companies got huge loans without any due process. No provision was made to follow the principle of debt-equity ratio. Most the companies haven’t shown these acquired funds from DHFL in their annual financial statements. They also alleged insider trading by DHFL.
Another highlight of today’s expose by Cobrapost is the donation made by a group of companies belonging to DHFL to the ruling BJP. In total, companies owned by the DHFL have donated Rs 19.6 crore to the BJP. One of the subsidiaries, RK Developers, had hidden their donation of Rs 9.93 crore made to the BJP in their balance sheet.
All SEBI regulations were not kept in mind while taking all these decisions.
Cobrapost has asked for a investigation into this scam.
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