The biggest loan scam in Indian history: Rs 34,000-crore scam at DHFL
Home loan company DHFL has cheated 17 banks in total out of more than Rs 34,000 crore.
Another example of financial fraud has affected the Indian banking sector, which is already dealing with the problem of growing bad debts. A group of 17 banks in total were cheated out of Rs 34,000 crore by Dewan Housing Finance Limited (DHFL) founders, according to the Central Bureau of Investigation (CBI). After ABG Shipyard’s fraud case involving Rs 20,000 crore, which was uncovered earlier this year, DHFL banking fraud is being referred to be the nation’s most significant financial scandal.
Home loan company DHFL has cheated 17 banks in total out of more than Rs 34,000 crore. In connection with the investigation, the CBI arrested 13 additional people on Wednesday, including the erstwhile DHFL founders Kapil and Dheeraj Wadhawan.
A complaint from the Union Bank of India led to the registration of the lawsuit (UBI). The UBI lawsuit claims that since 2010, the DHFL has granted the consortium credit facilities totalling over Rs 42,000 crore, of which Rs 34,615 crore are yet unpaid. In 2019 the loan was deemed non-performing, and in 2020, fraud.
After the case was filed on June 20, a team of more than 50 agency employees searched 12 locations in Mumbai that belonged to the individuals identified as suspects in the FIR, including Sudhakar Shetty of Amaryllis Realtors and eight other builders.
