[ad_1]
At a press conference to reveal the country's "biggest financial scam," Cobrapost said his investigations showed that Wadhaway-related group companies, the DHFL promoters, had donations to BJP, which they were not allowed to do. She testified that the donations of RKW Developers, Skill Realtors and Darshan Developers between 2014-15 and 2016-17 violated the provisions of Section 182 of the Companies Act 2013, which governs the funding of undertaken by political parties.
The law states that for-profit companies can give up to 7.5% of net profits in the last three years, but the companies were either in a deficit or under-profits. BJP did not comment on the allegations.
In the presence of former finance minister, Yashwant Sinha, and militant lawyer Prashan Bhushan, the press conference took on a political tinge when Mr Cobrapost accused listeners and government agencies of not be vigilant
The DHFL group was in the spotlight after the collapse of IL & FS, which was struggling to raise funds and exposed a lot of banks and mutual funds. Cobrapost has estimated its exposure to DHFL debt at around Rs. 97,000 crores, with banks lending around Rs 50,000 crores. It is estimated that SBI alone has an exposure of 11,500 crore Rs.
Cobrapost accused DHFL of granting "big loans" to shell companies, most of the time without any security. Loans have also been granted against slum upgrading projects without due diligence, with disbursements being made in one go rather than releasing money in installments, he said.
Cobrapost claimed that there had been charges of insider trading of about 1,000 rupees against the group.
The portal said its investigation had identified 45 companies allegedly used by the Wadhawans to divert funds. These "shell companies" received loans amounting to 14,282 rupees. In this context, 34 companies received unsecured loans worth nearly 10,500 crores, including 11 belonging to the Sahana group, which received loans of approximately 3,800 crores.
"Of these companies, 34 are so dubious that most of them have no activity or income. Most often, they are audited by the same accounting agencies, which helps them hide all fraudulent transactions. Many of these companies have the same addresses and are managed by the same group of original directors. Many of them are newly formed with a nominal capital of about Rs 1000. Yet these companies have been granted unsecured loans, in single tranches, without any guarantee or guarantee. Many of these companies also share the same e-mail addresses, "he said.
Cobrapost said that 35 companies had not filed any documents creating a charge or a guarantee on the loans and that many had not filed their balance sheets for 2017-18. "DHFL has also hidden loan and repayment terms in its financial statements. It is important to note that all shell companies have zero or very little revenue from their business activities since inception, "he added.
The portal says that one of the directors of some Sahana group companies, Jitendra Jain, under investigation of the economic crime wing, is currently in custody. Former Shiv Sena MP, Dalvi Shivram Gopal, is one of the major shareholders of the Sahana group. He alleged that most of the loans granted to Sahana were turned into non-performing badets, for which repayments had been due for at least 90 days.
Cobrapost also mentioned political links, noting that loans of Rs.1,160 million had been granted to various Gujarat companies for several projects, which were suspended. These loans were granted "very close to the time of the elections in Gujarat". Similarly, companies based in Karnataka received loans amounting to Rs 1,320 before the state legislative elections.
"The investigation revealed that three companies, Galaxy, Silicon and Hemisphere, related to wadhawans, had been instrumental in this scam," the portal said.
Source link
