CBI files case against DHFL promoters for creating 2.6 lakh fake home loan accounts under PMAY

DHFL has fraudulently availed benefits under PMAY to the tune of Rs 14,046 crores and diverted Rs 11,755.79 crores to shell companies, the CBI found in its investigation, said a Money Control report.

The promoters also availed subsidy of Rs 1,887 crores under PMAY from the Centre.

Kapil Wadhawan and Dheeraj Wadhawan are already facing two other CBI cases by CBI in the UP power Corporation scam and Yes bank scam.

The PMAY loans are meant for economically weaker sections, low and middle income groups for the purpose of buying land and construction of houses, development of dwelling units under slum development schemes, housing units. The beneficiaries of this loan are eligible for credit-linked interest subsidy.

The Money Control report said DHFL processed 88,651 cases under PMAY Scheme.

The documentation created for fraudulent subsidies availed by DHFL showed the maximum loan amount sanctioned to a borrower is Rs 24 lakh.

The subsidy availed ranged between 3 percent per year to 6.5 percent per year and subsidy payable upfront with a cap of Rs 2,30,156 to Rs 2,67,280, the report stated.

The subsidy was then reimbursed by the Center to the banks and NBFC, according to the report.

CBI registered a case on March 15 after auditing firm Grant Thornton submitted a forensic audit report pointing out irregularities by DHFL.

The Enforcement Directorate (ED) had found a software through which DHFL siphoned and laundered Rs 12,773 crore by creating several hundreds fake accounts through 79 shell companies.

The software was unearthed after the arrest of Kapil Wadhawan, the chairman of DHFL.

"The software distributes the amount that is allocated for laundering by way of creating fake folio numbers, borrowers' profiles and properties, which then goes to those accounts as loans on paper," a Money Control report of February, 2020 had said, citing officials of DHFL on the condition of anonymity.

"The NBFC primarily uses residents profile in this software, where the data comes from the Dewan housing that deals in slum rehabilitation where they take aadhar card and other personal details of residents. DHFL then uses this data and distribute money in small amounts to thousands of borrowers," the report had quoted one of the officials as saying.

According to the report, the alleged software would create fake profiles of borrowers based on the amount of money the company wanted to launder, said the Money Control report. For example if the company wanted to launder Rs 100 crore, the software created the profiles of several thousand borrowers. The NBFC would then immediately distribute the money to such accounts.The profiles of such borrowers would be automatically generated in order to help the company in case of an investigation.