What is DHFL (Dewan Housing Finance Limited)-
DHFL is a non-banking financial company that offers loans at a high-interest rate to the individual as home loans, real estate companies, and other corporates by taking the loan from a bank, getting people to fixed deposits in their company at a low-interest rate.
DHFL was established by Rajesh Wadhawan on 11 April 1984 under the name of Dewan Housing Development Finance, which was later renamed as Dewan Housing Finance Limited (DHFL).
In 2008, the company was divided into two parts, HDIL and DHFL, with HDIL being held by Rakesh Wadhawan and DHFL by Kapil Wadhawan, Aruna Wadhawan, and Dheeraj Wadhawan.
Founded- 11 April 1984
Managing director- Kapil wadhawan
Before telling about the scam, we should know some small facts.
A shell corporation is a company that exists only on paper and has neither employees nor an office
AMC (Asset management company)
When a company takes a loan from a bank at a time period and a fixed interest rate or gets a fixed deposit from the people, then that money is used by the company to give loans to the people, loan to the corporate and whoever had a time period and when the difference is found in the time period or the loan is taken by the company from the bank and given a loan by the company, the same is called AMC mismatching.
Non-convertible debentures (NCBs)-
Debentures are long-term financial instruments which are known as debt. Some debenture has a feature of convertibility into share after a certain point of time at the discretion of the owner. The debenture which can not convertible into share or equity is called a non-convertible debenture.
- Kapil wadhawan, Dheeraj wadhawan, and Aruna wadhawan is promoters of the DHFL company in which Kapil wadhawan is major promoters
Let’s talk about the scam-
The promoter used to lend loans to about 45 companies without any security, out of which 34 were shell companies and some of them were such of 11 company whose year on year profit was only ₹ 100000 and the money is taken by these companies used in Sri Lanka, Dubai, Marcius, and the UK to buy an individual property or invest in their share market.
It is the rule of a finance company that when it issues a loan to a corporation, it gives the loan to the company in several parts, but they gave all the companies a loan in one part, then later all those companies gave themselves bankrupt dredged because the companies gave the money to the promoters, which DHFL did not put in the grade of NPA which is a fraud.
Information about this scam was found by Cobrapost Investigation
At present, the company has a loan of about 96880 crores.
Loan details in INR
Non-convertible debenture-31,312 Cr.
From external commercial borrowing-2,965cr.
From national housing Board (NHB)-2,848cr.
36 banks, including 32 nationalized and private and six foreign banks. which was given in the list below
Indian bank lenders name-
|NAME OF INDIAN LENDERS||AMOUNT IN CRORE|
|1-STATE BANK OF INDIA||11650.00|
|2-BANK OF BARODA||4396.88|
|3-BANK OF INDIA||4150.00|
|5-CENTRAL BANK OF INDIA||2775.00|
|7-UNION BANK OF INDIA||2446.00|
|10-CENTRAL BANK OF COMMERCE||1795.00|
|11-PANJAB NATIONAL BANK||1700.00|
|13-UNITED BANK OF INDIA||1223.75|
|14-PANJAB AND SINDH BANK||1220.00|
|15-BANK OF MAHARASHTRA||1170.00|
|18-INDIAN OVERSEAS BANK||900.00|
|21-SOUTH INDIAN BANK||425.00|
|24-KOTAK MAHINDRA BANK||320.00|
|28-KARNATAKA BANK LTD.||200.00|
|30-STANDARD CHARTED BANK|
Total loan of foreign lenders- US$ 105,000,000
|NAME OF FOREIGN LENDER||LOAN INUSD|
|1-CTBC BANK CO LTD.||US$ 10,0000,00|
|2-TAIWAN BUSINESS||US$ 5,000,000|
|3-THE KOREA DEVELOPMENT BANK|
|4-THE KOREA DEVELOPMENT BANK||US$ 15,000,000|
|5-BARCLAYS BANK PLC||US$ 30,000,000|
|6-ABU DHABI COMMERCIAL BANK PJSC||US$ 30,000,000|
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