The Central Bureau of Investigation (CBI) on Wednesday, 24 March, registered a new case against Dheeraj and Kapil Wadhawan – promoters of crisis-hit Dewan Housing Finance Ltd (DHFL) – in connection with a scam linked to the Pradhan Mantri Awas Yojana (PMAY).
The Wadhawan brothers had created fake home loan accounts amounting to over Rs 14,000 crore and availed Rs 1,880 crore in interest subsidy from the central government, according to the CBI FIR.
The Pradhan Mantri Awas Yojana is an initiative of the Government of India in which affordable housing is provided to the urban poor with a target of building 2 crore affordable houses by 31 March 2022.
In December 2018, DHFL informed its investors that it had processed 88,651 loans under the PMAY scheme and received Rs 539.4 crore in subsidies, with a further Rs 1,347.8 crore due with the government.
“However, forensic audits revealed that the Wadhawan brothers had opened 2.6 lakh fake housing loan accounts, in a fictitious Bandra branch of the organisation. Several of the home loan accounts were under the PMAY scheme and claimed interest subsidies as per its rules,” the FIR alleged.
The CBI also alleged that between 2007 and 2019, loans worth to the tune of Rs 14,046 crore were sanctioned to these fake accounts, of which Rs 11,755.79 crore were routed to other “fictitious” firms.
The Wadhawan brothers are already facing probe by the CBI and the Enforcement Directorate (ED) in connection with the Yes Bank case involving Rana Kapoor and the PMC bank case.
Both the brothers were arrested in April 2020 over fraud and money-laundering charges.
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