InvestorQ : Can you tell me about the latest fraud case that has emerged in the Dewan Housing story and what does that mean for the Piramal deal?
diksha shah made post

Can you tell me about the latest fraud case that has emerged in the Dewan Housing story and what does that mean for the Piramal deal?

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Rutuja Nigam answered.
6 months ago
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At a time when the DHFL deal with Piramal Enterprises was close to getting fructified a new angle has arisen. The transaction auditor, Grant Thornton, has reported further fraudulent transactions worth Rs.6,182 crore in DHFL. This is in addition to a number of such fraudulent transactions that have already been reported about the company.

The report by Grant Thornton states that certain transactions were of dubious nature since they deliberately undervalued certain assets and were therefore fraudulent and preferential in nature. The money that was dubiously earned through such transactions was laundered back to a select set of people, which included the promoters in many cases.

These transactions were executed over a prolonged period of time. Based on the observations enunciated by Grant Thornton, the administrator has filed an application before NCLT pertaining to the validity of disbursements made to select entities under the header “Other Project Loans”. While the larger implications are not too clear, this has the potential to delay the normal process of completion of sale of DHFL to PEL.

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