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