I-T department looking into accounts of crisis-hit DHFL

According to a highly placed source in the income tax department, the investigation started following a series of complaints from people.

Published: 09th February 2019 09:37 AM  |   Last Updated: 09th February 2019 09:37 AM   |  A+A-

Income Tax Department

Income Tax Department (File | PTI)

Express News Service

NEW DELHI:  Alerted by a whistle-blower, the income tax department has started investigating the accounts of crisis-ridden Dewan Housing Finance Limited (DHFL) and its promoters in an alleged case of unaccounted transaction of money. According to a highly placed source in the income tax department, the investigation started following a series of complaints from people.

“There were many complaints we received against the company, and some of them were serious in nature. After getting the details, the department started its investigation. Currently, there are 10 accounts related to the company and the promoters which are under the scanner of the tax officials,” the source added.

Some of the accounts were also related to Wadhawan Global Capital (WGC), the parent company of Dewan Housing Finance Limited (DHFL).

“Initial probe has shown that there was some bogus transaction in realty companies. We are looking at the finer details of the transaction,” the official added.

The officials added that they were going to issue notices in this regard soon. DHFL is in the eye of a storm after a report that the company, through layers of shell companies, allegedly siphoned off Rs 31,000 crore out of the total bank loans of Rs 97,000 crore.

The allegation is that DHFL and its primary promoters had siphoned off the public money through secured loans and advances to shell companies.

The media reports claimed that the losers in the process would mainly be public sector banks such as SBI and Bank of Baroda, with an exposure of over Rs 11,000 crore and Rs 4,000 crore, respectively. Foreign banks and DHFL shareholders will also lose out, it said.

After the matter was reported, and considering what was at stake, the Ministry of Corporate Affairs started looking into these allegations and MCA’s Mumbai regional director is likely to submit a report to the government this week on the said allegations.

Meanwhile, DHFL and its promoters have termed the report as mischievous with a mala fide intent. DHFL said it had met all its obligations to its lenders by paying them back over Rs 17,000 crore in the last three months.

Stay up to date on all the latest Business news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

  • Hari

    Dhfl is not repaying its FD holders who have gone in for premature withdrawal. All attempts to get a reply in this regard is met with silence. Will the CEO please respond?
    11 days ago reply
  • Brhmand

    Time is not on the side and hence acting fast to harass all companies that are against the the party. If they want to stop investigation they will have to support the party. RJ is deep in this.
    11 days ago reply
flipboard facebook twitter whatsapp