CBI files case against DHFL promoters Kapil, Dheeraj Wadhawan

New Delhi [India], March 24 : Central Bureau of Investigation (CBI) on Wednesday filed a case against DHFL and Kapil and Dheeraj Wadhawan in connection with criminal conspiracy in PM Gramin Awaas Yojana and loan case.
They had opened a fictitious Bandra Branch of DHFL to create fake housing loan accounts of borrowers, who repaid their housing loan earlier.
Pradhan Mantri Awas Yojana (PMAY - Mission Housing for all) announced by the central government in October 2015 is being managed by Ministry of Housing and Urban Development.
Under the scheme loans granted to Economically Weaker Sections, Low and Middle Income group members of the society for the purpose of buying land and construction of houses thereon, development of dwelling units under slum development schemes, housing unites purchase from private and public sector housing companies/boards are eligible for credit linked interest subsidy.
The interest subsidy varies from 3 per cent per annum to 6.5 per cent per anum and the subsidy is payable upfront with a cap of Rs 230156 to Rs 267280 depending upon the category in which the borrower falls. The maximum loan amount eligible under the scheme is Rs 24 lakh. The subsidy amount is to be claimed by the financing institutions from National Housing Bank. The government of India reimburses the subsidy amount to National Housing Bank out of the budgetary provisions in Union Budget.
Dewan Housing Finance Limited (DHFL) is one such housing finance company which has granted loans under the PMAY.
DHFL, in an investors call with the institutional investors / analysts of the company, itself claimed that till December 2018, it has processed 88651 cases under PMAY Scheme. It had received Rs 539.40 crore interest subsidy and has to receive interest subsidy of Rs 1347.80 Crore, total Rs 1887.20 Crore from GOI on the loans disbursed by it under the PMAY scheme.
Forensic Report of Auditor firm M/s. Grant Thornton, which was appointed by present board of DHFL revealed that DHFL'S promoters Kapil Rajesh Wadhawan and his brother Dheeraj Rajesh Wadhawan had opened a fictitious Bandra Branch of DHFL, where fake housing loan accounts of such borrowers, who repaid their housing loan earlier, were created in data base.
In total, 2.60 lakh Take and fictitious home loan accounts were created in the non-existent Bandra Branch between 2007-2019 for total loan amounting to Rs 14046.00 Crores and out of which Rs 11,755.79 crore were deposited/routed to several fictitious firm known as Bandra Book firms, according to the report.
Source information revealed that several of above mentioned bogus account in non-existed Bandra Branch of DHFL was opened under PMAY and interest subsidy as per norms of PMAY were claimed from National Housing Bank with connivance of official of NHB and thus committed fraud on the Government exchequer.