Scam-hit DHFL donated over Rs 27.5 cr to BJP

Hyderabad: While the Dewan Housing Finance Corporation (DHFL) has been accused of committing India’s biggest banking fraud of Rs 34,615 crore, its promoters have been busy donating huge amounts to the BJP through the company as well as its associated companies. As per official records, the company donated more than Rs 27.5 crore to the […]

Hyderabad: While the Dewan Housing Finance Corporation (DHFL) has been accused of committing India’s biggest banking fraud of Rs 34,615 crore, its promoters have been busy donating huge amounts to the BJP through the company as well as its associated companies. As per official records, the company donated more than Rs 27.5 crore to the ruling party at the Centre from 2014-15.

The BJP had officially declared these donations publicly in compliance with the norms of the Election Commission of India (ECI), but they remain off-the-books in the said companies’ balance sheet in 2014-15. As per the available records, the BJP received donations amounting to Rs 10 crore from RKW Developers Limited (owned by promoters of DHFL) in 2014-15 which was declared by the BJP.

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Similarly, the BJP received another Rs 10 crore from Wadhawan Global Capital Limited which has the promoters of DHFL – Kapil Wadhawan and Dheeraj Wadhawan who are accused in the DHFL scam – as its directors. The amount was transferred to the BJP in 2019. Another Rs 7.5 crore was transferred to the BJP by Darshan Developers which is also believed to be controlled by the Wadhawan family.

The DHFL scam was unearthed following a sting operation conducted by the Cobrapost website in 2019. Recently, the union Bank of India lodged a complaint alleging that the DHFL had taken Rs 42,871 crore as loans from a consortium of 17 banks between 2010 and 2018. It said the company started defaulting on payments from 2019. The promoters allegedly siphoned off and misappropriated the funds by falsifying the books of DHFL and dishonestly defaulted on repayment of the legitimate dues of the said consortium which led to a loss of Rs 34,615 crore to the 17 banks in the consortium.

“Wadhawans donated huge amounts to the BJP through various companies. The bank fraud accused Kapil Wadhawan transferred Rs 10 crore to the in 2019. What is the relation between the bank fraud and the BJP?” questioned Manne Krishank, chairman of Telangana State Mineral Development Corporation.

Fund Flow
• BJP received Rs 10 crore from RKW Developers Limited (owned by promoters of DHFL) in 2014-15
• Received Rs 10 crore from Wadhawan Global Capital Limited which has Kapil Wadhawan and Dheeraj Wadhawan, promoters of DHFL, as its directors
• Rs 7.5 crore transferred to BJP by Darshan Developers, believed to be controlled by Wadhawan family
• Union Bank of India alleged that DHFL had taken Rs 42,871 crore as loans from a consortium of 17 banks between 2010 and 2018
• Started defaulting on payments from 2019