CBI closes case against DHFL, its directors in ‘fake’ home loan accounts case

CBI closes investigation into alleged Rs.14,046 crore PMAY fraud by DHFL, cites lack of evidence

In an interesting turn of events, the Central Bureau of Investigation (CBI) has closed the case against the DHFL and its directors pertaining to 2.60 lakh allegedly fictitious home loan accounts, some of which were used to claim interest subsidies under the Pradhan Mantri Awas Yojna (PMAY). After over three years of probe, the agency could not find evidence suggesting a criminal conspiracy that could have led to the creation of such accounts, said Officials.

The irregularities were pointed out in the report of auditor Grant Thornton, appointed by the new board of the scam-hit Dewan Housing Finance Limited (DHFL). However, the CBI filed a closure report before a special court in Delhi, which would take a call on whether to accept the closure report or order further investigation into the matter.

The CBI had booked promoters Kapil and Dheeraj Wadhawan along with the company. It was alleged that DHFL had opened a fictitious branch in Bandra and fake accounts worth Rs.14,046 crore of home-loan borrowers, who had already repaid their loans, were entered in the database, they said.

A total of 2.60 lakh “fake and fictitious” home loan accounts were created in the non-existent branch from 2007-19 for a total loan worth Rs.14,046 crore, out of which Rs.11,755.79 crore were deposited or routed to several fictitious firms known as Bandra Book firms, the CBI had alleged in the FIR. Several of these bogus loan accounts were linked in the Pradhan Mantri Awas (PMAY) to claim interest subsidies from the National Housing Bank in connivance with its officials, the CBI had alleged.

The DHFL had allegedly processed 88,651 cases under the PMAY till December 2018, and it received an interest subsidy of Rs.539.40 crore, while it has to receive Rs.1,347.80 crore from the government, it had said. PMAY is a Central government scheme to ensure housing for all.

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