Bidders are jittery about making a final bid for the bankrupt Dewan Housing Finance Ltd (DHFL) as an investigation report prepared by Grant Thornton highlights widespread fraud in retail, wholesale, and slum redevelopment books.
The report said siphoning off funds by the company was going on since 2006-07 via 91 fictitious entities operating from a Bandra branch.
The report, which has been submitted to the NCLT and labeled these fictitious entities as “Bandra Book Entities”, has revealed that there is a Rs 14,000 crore hole in DHFL books, which includes a Rs 9,320 crore hole in the wholesale book, Rs 1,707 crore loss in SRA (slum redevelopment authority) book and another Rs 3,000 crore of fund diversion in the retail loan book.
The recoverability of these loans is under doubt, the report has warned. With…
