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India’s biggest banking fraud – DHFL
This fraud was first discovered in 2019 when it was claimed that the company systematically defrauded banks by siphoning off funds. The banks' credit was systematically disbursing funds as secured and unsecured loans to sham entities or pass-through entities that were allegedly related to DHFL's primary stakeholders through associates or proxies.
These funds were later redirected to DHFL promoters via entities controlled by them. Cobrapost made the initial accusation in February 2019, and the lender banks later appointed KPMG for a 'Special Audit Review' based on this accusation. According to KPMG's findings, large sums of money were diverted to multiple companies (via loans and advances) that shared "interconnected entities and commonalities" with the DHFL promoters. These funds were later used to purchase stocks and bonds.
The KMPG special audit review also revealed that the company books showed 66 entities with commonalities with DHFL promoters were disbursed Rs 29,100 crore, with Rs 29,849 crore outstanding.
The majority of these entities' and individuals' transactions were in the form of land and property investments. Furthermore, DHFL had a major outstanding of Rs 11,909 crore, which was due to loans and advances totaling Rs 24,595 crore given to 65 entities between April 1, 2015, and December 31, 2018.The promoters of DHFL also disbursed Rs 14,000 crore in project finance, but this was recorded in the company's books as retail loans. The company also displayed an inflated retail loan portfolio of approximately 1,81,664 retail loan accounts that were false and non-existent, with a total outstanding of Rs 14,095 crore. These loans were recorded in separate 'Bandra Books' in a separate database before being merged with OLPL (Other Large Project Loan) accounts. Further investigation revealed that the OLPL category was largely of non-existent retail loans totaling Rs 14,000 crore.
The news of this fraud shook the financial world, and the fallout was felt in the stock markets. After months of false assurances from the company, the UBI-led consortium of banks finally filed charges against the Wadhawan brothers. They are currently imprisoned in connection with CBI and ED investigations.
