CBI Books Wadhawan Brothers For Opening Over 2.5 Lakh Fake Home Loan Accounts Under PMAY, Claiming Subsidies

In a major action, the Central Bureau of Investigation (CBI) has filed a case against crisis-hit Dewan Housing Finance Corporation (DHFL), promoters Kapil Wadhawan, Dheeraj Wadhawan, and unknown public servants for allegedly creating 2.60 lakh fake home loan accounts under the Pradhan Mantri Aawas Yojana (PMAY), reports Hindustan Times.

According to the central probe agency FIR, Wadhawan brothers had created fake home loan accounts amounting to over Rs 14,000 crore of which Rs 11,755.79 were routed to other "fictitious" firms.

DHFL also availed Rs 1,880 crore in interest subsidy from the Central government on the loans disbursed under the Pradhan Mantri Aawas Yojana.

According to the CBI FIR, in December 2018, DHFL informed its investors that it had processed 88,651 loans under 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 Wadhawan brothers had opened 2.6 lakh fake housing loan accounts - several of which were under the PMAY scheme and claimed interest subsidies as per its rules - in a fictitious Bandra branch of the organisation," it alleged.

Wadhawan brothers are already facing probe by the CBI and the Enforcment Directorate (ED) in connection with the Yes Bank case involving Rana Kapoor and the PMC bank case.

With IANS Inputs