DHFL diverted Rs 31,000-crore loans to promoter firms, says Cobrapost

Cobrapost said its revelations were not based on whistle-blowers documents but a result of its research

Media outlet Cobrapost on Tuesday alleged Dewan Housing Finance Corporation (DHFL) had diverted loans worth Rs 31,000 crore — a charge the company termed “mischievous”. 

The stocks of DHFL, a non-banking financial company, went down more than 8 per cent to close at Rs 170.05.

“DHFL has siphoned off Rs 31,000 crore into promoter companies to create private wealth through a network of shell companies,” said Cobrapost, which held a press conference here on Tuesday.

According to the Cobrapost expose, DHFL, which has a net worth of Rs 8,700 crore, raised Rs 96,000 crore through loans and public deposits. 

Cobrapost