Transaction auditor Grant Thornton, in a report shared with the Administrator of DHFL, has found certain transactions which are undervalued, fraudulent and preferential in nature, putting the newly-discovered fraud at Rs 6,182 crore.
The Administrator of Dewan Housing Finance Company Ltd, appointed under the Insolvency and Bankruptcy Code, 2016 to carry out the duties under it, obtained assistance from reputed professional agency, Grant Thornton to conduct investigation of the affairs of the company in respect of transactions qualified under sections 43 to 51, and sections 65 and 66 of the Code.
Nature of fraud
The nature of fraud is in relation to irregularities in disbursement of OLPL loans by the company in the past.
Monetary Impact
As per the transaction auditor report shared with the Administrator, the monetary impact of the above transactions covered under the application amounts to Rs 5,381.90 crore towards outstanding principal, Rs 589.36 crore towards accrued interest and Rs 210.85 crore towards notional loss of interest on account of charging lower rate of interest.
Action taken
The Administrator has filed an application before the Mumbai bench of the National Company Law Tribunal (NCLT) under Section 45, Section 60(5) and Section 66 of the Code on February 20, 2021 in respect of disbursement made to certain entities as other large project loans (OLPL), against Kapil Wadhawan, Dheeraj Wadhawan, Creatoz Builders Pvt Ltd, Ikshudip Fincap Pvt Ltd, Rite Developers Pvt Ltd and certain other entities.
What next?
All relevant details regarding these proceedings have been included in the application filed before the National Company Law Tribunal, Mumbai and is now presently pending consideration.
Now, further filings may be undertaken, in due course.
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