New Delhi: Fraudulent transactions worth Rs 17,394 crore happened at debt-ridden mortgage firm DHFL during FY07 to FY19, according to transaction auditor Grant Thornton.
Earlier this year, the administrator of Dewan Housing Finance Corporation Limited (DHFL), appointed under the Insolvency and Bankruptcy Code (IBC), obtained assistance from Grant Thornton to conduct investigation into the affairs of the mortgage firm.
Last year, the Mumbai bench of the National Company Law Tribunal (NCLT) had admitted the company for insolvency resolution.
It had appointed Indian Overseas Bank’s former managing director and CEO R Subramaniakumar as the company’s administrator.
“The preliminary estimation included in the application (filed before NCLT) places the monetary impact of the concerned transactions at approximately Rs 14,046 crore, as being the amount outstanding in the books of the company as on June 30, 2019.
“…and additionally Rs 3,348 crore being the amount considered as due and outstanding towards notional loss to the company on account of charging lower rate of interest to certain entities referred to in the Application as the Bandra Book Entities,” DHFL said in a regulatory filing on Wednesday.
