DHFL case: Bogus transactions of Rs 1,864 crore unearthed, says report

According to the report by the transaction auditor, the concerned transactions occurred between FY17 and FY19

The transaction auditor appointed to mortgage lender Dewan Housing Finance (DHFL) has discovered that certain agreements entered into by the lender at the time of selling its stake in Pramerica Life Insurance Company to DHFL Investments, as well as certain inter-corporate deposits (ICDs), were undervalued and of fraudulent nature. ‘

According to the transaction auditor’s report, preliminary estimation places the monetary impact of the concerned transactions at Rs 1,864.84 crore — comprising a principal amount of Rs 1,739.57 crore and accrued interest of Rs 125.27 crore — as the outstanding in firm’s books as of November 30, 2019. Further, it said