Highlights:

  • CBI charged the Wadhawan brothers of DHFL under a PMAY scam.
  • Fake loans amounting to Rs 14, 046 Crore were created.
  • Rs 1,887 crore earned as subsidies and 2.6 lakh fake housing loan accounts.
  • Wadhawan brothers are behind the bars.

On Wednesday, in a scam connected to Pradhan Mantri Aawas Yojna (PMAY), a case has been filed by the Central Bureau of Investigation (CBI) against promoters of Dewan Housing Finance Corporation (DHFL)- Kapil Wadhawan, Dheeraj Wadhawan and unknown public servants for creating fake home loan accounts amounting to Rs 14,046 crore. An amount of Rs 1,887 Crore was earned by them from the Government of India as an interest to the subsidies.

Under the PMAY scheme where urban poor are provided with the provision of housing with a target of building 2 Crore affordable houses by March 31, 2022. DHFL, a financial institution, claims interest subsidies against granting loans to people who want to build their houses.

Irregularities of DFHL were found in Grant Thornton’s forensic audit report. On 15th March the case was registered. The CBI claims in the FIR that under PMAY Scheme 88,651 cases have been processed by DHFL. In the CBI report of 2018, under PMAY Scheme, the Wadhawan brothers are alleged to have opened 2.6 lakh fake housing loan accounts and earned subsidies in fake branches of DHFL. From 2007 to 2019, the company has earned Rs 11,755.79 Crore.

The scam is in an ongoing investigation both by CBI and Enforcement Directorate (ED) due to the last year’s Yes Bank scandal that involved its former CEO Rana Kapoor. Currently, the Wadhawan brothers and Rana Kapoor are behind the bars.

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