34 thousand crores, 17 banks… know how DHFL did the biggest banking scam

Once again a big bank scam has come to the fore in the country. If seen in terms of value, then it can also be the biggest bank scam in the history of the country. In this bank scam, 17 banks have been defrauded to the tune of Rs 34,615 crore.

Who did this scam

Kapil Wadhawan, former chairman of Dewan Housing Finance Limited, and director Dheeraj Wadhawan and six companies in the realty sector have been booked for the country’s biggest bank scam. They have been accused of fraud of Rs 34,615 crore from a consortium of 17 banks led by Union Bank of India.

How this scam came to light

Based on the complaint of Union Bank of India, CBI started taking action on 11 February. After the registration of the case, the CBI along with more than 50 officers is searching 12 locations of the accused in Mumbai.

Union Bank of India has alleged that DHFL had taken a loan of Rs 42,871 crore from a consortium of 17 banks between 2010 and 2018 for different purposes. But later I stopped repaying the bank loan from 2019 itself.

After which the bank declared the accounts of the company as NPA i.e. non-performing assets. Lending banks declared the company’s accounts as NPAs at different times. After the investigation started in January 2019, in February 2019, the Committee of Banks had appointed KPMG to conduct a special review audit of DHFL from April 1, 2015 to December 31, 2018.

It was revealed in the audit report that Rs 29,100.33 crore has been given to 66 entities having parity with DHFL promoters. Out of this, Rs 29,849 crore is outstanding. The bank has alleged that the money taken from the bank has been invested by institutions and individuals in land and properties.