DHFL used multiple software to hide fraudulent deals: forensic report

FoxPro used to show disbursements, receipt of funds from over 260,000 fictitious borrowers

Bankrupt housing finance company Dewan Housing Finance Corporation (DHFL) used different loan accounting software to hide fraudulent transactions involving fictitious borrowers, said the forensic report prepared by Grant Thornton.
 
It said the software helped the company hide the transactions from regulators and auditors and show inflated income to the stock exchanges.
 
The report said the company used FoxPro software to prepare codes for concealing actual disbursements and collection of funds by creating 260,315 fictitious home loan accounts. These codes then had three components, including disbursement distribution, and were used to make the actual disbursements to fictitious entities, which