A forensic investigation carried out by Grant Thornton into the affairs of Dewan Housing Finance Corporation Ltd has revealed that DHFL was siphoning off funds since 2006-07 through 91 fictitious entities operating from a Mumbai branch.

The forensic report has been submitted to the National Company Law Tribunal’s Mumbai Bench. The report reveals fraud of ₹14,000 crore in DHFL’s books, including ₹9,320 crore in the wholesale book, ₹1,707 crore loss in the SRA (Slum Redevelopment Authority) book and ₹3,000 crore of fund diversion in retail loans, said sources close to the development. According to the report, the recovery of these loans is doubtful.

The Administrator of DHFL, named under the IBC, had appointed Grant Thornton to investigate the goings-on in the company.

According to a report prepared by the auditor, the transactions concerned occurred from 2006-07 to 2018-19.

On August 23, DHFL reported a net profit of ₹70.1 crore for

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WARREN, Pa., Sept. 14, 2020 /PRNewswire/ — On September 14, 2020, Northwest Bancshares, Inc. (the “Company”) announced plans to optimize its branch network as part of its ongoing efforts to accommodate changing customer behaviors while also recognizing operating efficiencies.  The Company plans to close 42 of its 205 full-service offices, or approximately 20%, throughout its footprint, one free-standing drive-through and one business office beginning Monday, December 14 through Friday, December 18, 2020.   

In making this announcement, Ronald J. Seiffert, Chairman, President and CEO, noted, “Our customers’ banking preferences continue to evolve to favor a more digital banking experience and the COVID-19 pandemic has magnified and accelerated these preferences.  This branch optimization plan reflects our ongoing efforts to ensure we are well positioned in our industry to provide the community bank experience that is valued by our customer base while also enhancing our strong digital and mobile banking

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