Cobrapost claims DHFL siphoned off Rs 31,000 Cr public money
Investigative journalism platform Cobrapost in its expose has revealed that Dewan Housing Finance Corporation Ltd. (DHFL) a deposit-taking housing finance company, headquartered in Mumbai with branches in major cities across India, reportedly siphoned off more than Rs 31,000 crore of public money to create private wealth through a network of shell companies.
Cobrapost held a press conference on Tuesday, at the Press Club of India in New Delhi, to unveil what they claimed was India’s ‘biggest financial scam.’
The investigation claims, that money has also been routed through these dubious companies and sent outside India, to acquire assets. The team claimed that all the scam was unearthed with details and paper available on public domain and not a sting operation.
The biggest victim of this alleged scam, according to Cobrapost, are Indian banks that are already reeling under enormous stress due to scams hitting the PNB, AXIS BANK and ICICI.
Together these banks have a cumulative liability of a whopping Rs 96,880 crore.
The probe reveals that the Non Banking Financial Company (NBFC) allegedly under-reported Rs 20 crore donation to the Bharatiya Janata Party (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.
The role of Narendra Modi had come under a scanner after Mehul Choksi and Nirav Modi fled India by defaulting the PNB worth over Rs 5,000 crore of loans.
The opposition Congress has targeted the ruling BJP and Modi for his alleged complicity in aiding Nirav Modi and Choksi to commit the large scale scam.
With the Lok Sabha elections scheduled in less than two months time, this expose is bound to have serious ramifications on the political discourse.