- The scam hit DHFL is already being investigated by both CBI and the Enforcement Directorate (ED) in the Yes Bank scandal involving its former CEO Rana Kapoor.
PUBLISHED ON MAR 24, 2021 07:08 PM IST
The Central Bureau of Investigation (CBI) has filed a case against Dewan Housing Finance Corporation (DHFL), promoters Kapil Wadhawan, Dheeraj Wadhawan and unknown public servants for allegedly creating 2.60 lakh fake home loan accounts under the Pradhan Mantri Aawas Yojana (PMAY) for a total loan worth ₹14,046 crore out of which ₹11,755.79 crore was routed to several fictitious firms known as Bandra Book Firms.
The DHFL claimed interest subsidy worth ₹1,887 crore from the Centre on the loans disbursed under the Pradhan Mantri Aawas Yojana.
A forensic audit report by Grant Thornton revealed the irregularities of DHFL, after which the agency registered a case on March 15.
DHFL, according to the CBI FIR, processed 88,651 cases under PMAY Scheme – under which loans granted to economically weaker sections, low and middle income group members of society for the purpose of buying land and construction of houses, development of dwelling units under slum development schemes, housing units are eligible for credit-linked interest subsidy.
The interest subsidy varies from 3% per annum to 6.5% per annum and the subsidy is payable upfront with a cap of ₹2,30,156 to ₹2,67,280 depending on the category in which the borrower falls. The maximum loan amount eligible under the scheme is ₹24 lakh. The subsidy amount is claimed by the financing institutions from the National Housing Bank, which is reimbursed by the Centre out of the budgetary provisions in the Union Budget.
DHFL is one of such housing finance companies which have granted loans under PMAY.
The scam hit DHFL is already being investigated by both CBI and the Enforcement Directorate (ED) in the Yes Bank scandal involving its former CEO Rana Kapoor.
The Reserve Bank of India superseded the board of DHFL in November 2019.