The IWC has registered a case of corruption and cheating against the Wadhawan brothers (Archive)
New Delhi:
On Wednesday, CBI discovered a scam related to Pradhan Mantri Awas Yojana (PMAY) and registered a case against Kapil and Dheeraj Wadhawan, brothers who are promoters of the Dewan Housing Finance Limited (DHFL) crisis and are in jail for fraud and money. . Money laundering charges.
According to the CBI, Kapil and Dheeraj Wadhawan created “bogus and fictitious” mortgage loan accounts worth more than 14 billion rupees and used 1.88 billion rupees in interest subsidy from the Government of India.
The PMAY, a central plan to ensure housing for all, was announced in October 2015.
Under the scheme, home loans made to people from Economically Weaker Sections (EWS) and those from Low and Middle Income Groups are eligible for the credit-linked interest subsidy.
The subsidy must be claimed by financial institutions, such as DHFL, that have made these loans.
According to the CBI, in December 2018, DHFL told investors that it had processed 88,651 loans under PMAY and received Rs 539.4 crore in subsidies, with another Rs 1,347.8 crore owed.
However, forensic audits revealed that Kapil and Dheeraj Wadhawan had opened 2.6 lakh of bogus mortgage loan accounts, several of which were under the PMAY scheme and were claiming interest subsidies under its rules, at a fictitious Bandra branch of the organization. .
Between 2007 and 2019, ‘loans’ worth 14,046 million rupees were approved to these accounts, the CBI alleged, of which 11,755.79 rupees were sent to other shell companies.
In June last year, the CBI filed a charge sheet against the Wadhawan brothers and Yes Bank founder Rana Kapoor after it was alleged that Mr. Kapoor’s family received bribes for investing in DHFL.
That scam took place between April and June 2018 when Yes Bank invested Rs 3,700 crore of public money in short-term obligations of DHFL. In return, the residents of Wadhaw allegedly paid a commission of Rs 600 million to Mr. Kapoor in the form of loans to a company controlled by his wife and daughters.
The Wadhawan brothers were arrested in April last year. Mr. Kapoor was arrested in March.
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