Rs 34K cr bank fraud case: Senior DHFL official and his team under CBI lens for maintaining Bandra Books

The CBI is also probing the role of some senior DHFL officials in maintaining Bandra Books

Somendra SharmaUpdated: Thursday, June 23, 2022, 08:53 PM IST
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The Central Bureau of Investigation (CBI) probe in the biggest fraud case of Rs 34,615 crore, wherein Dewan Housing Finance Limited (DHFL) group, its promoters and others have been accused of allegedly cheating a consortium of 17 banks, led by Union Bank of India, has revealed that DHFL and its promoters had disbursed an amount of Rs 14000 crores as Project Finance, but reflected the same as retail loans in their books. This led to creation of an inflated loans portfolio, whereby 181664 false and Non Existent Retail Loans aggregating to Rs 14095 crores. The said retail loans are referred to as "Bandra Books". The CBI is also probing the role of some senior DHFL officials in maintaining Bandra Books.

According to the CBI sources, Bandra Books were maintained in a separate database in Foxpro Software, against which loans were shown as disbursed by DHFL and were subsequently merged with Other Large Project Loans (OLPL). "It was revealed that the loans currently under the OLPL category were largely carved out of the aforesaid non-existent retail loans amounting to Rs 14000 crores approximately, out of which Rs 11000 crores was transferred to OLPL loans and Rs 3018 crores was retained as a part of retail portfolio as unsecured retail loans. The Bandra Books were primarily maintained by a senior official at DHFL and was assisted by two colleagues," said a CBI official.

"The details of such non-existent retail loans using dummy names was maintained in a separate accounting system (Foxpro Software) and was then transferred to the main accounting software of DHFL (Synergy) by the two colleagues. Another person used to maintain the actual details of disbursements. The said senior DHFL official and his team used to pass fake accounting entry to falsely reflect servicing of interest on the fake retail loans by passing debit and credit entries of same amounts, even though no actual inflow or outflow occurred in the bank accounts of DHFL for such interest servicing," the CBI official added.

The CBI had registered a fresh case against the Dewan Housing Finance Corporation Ltd (DHFL), Kapil Wadhawan, the then CMD, Dheeraj Wadhawan, the director and six realtor companies for allegedly being part of criminal conspiracy to cheating the consortium led by the Union Bank of India to the tune of Rs 34,615 crore.

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