The DHFL case explained the all-new heights of fraud as well as the biggest bank fraud in India known so far. With powerful names emerging in the FIR like Sudhakar Shetty, Karan Wadhawan, and Dheeraj Wadhawan were booked for investigation along with others. The list of DHFL fraud banks involved is not too short. This article shared the detailed DHFL bank fraud case banks list.
The DHFL Fraud Case: 34,615 Crores Bank Fraud
India has been struggling with its banking system and constant fraud. This time, it got hit by the biggest fraud in the history of Indian banking. DHFL case is explained as the biggest bank fraud in India registered so far. It surpassed the recent ABG shipyard case registered earlier this year.
The DHFL bank fraud case banks list includes a consortium of 17 banks. The DHFL fraud with banks faced a massive loss of 34,615 crores combined. The DHFL fraud banks involved complained about the fraud under the leadership of the Union Bank of India. CBI has been carrying out searches at 10 different locations in Mumbai.
The DHFL Case Explained: A Brief History
This is not the first time DHFL has been accused of such fraud in a couple of years. The DHFL case was explained by the KPMG when a detailed audit was carried out in the year 2020-21. The auditing bring-forth the biggest bank fraud in India conspired by the DHFL and Wadhawans.
When the bank inquired about the disturbance in the funds, in their defence, the authorities of DHFL and Wadhawans termed it as a problem due to the sale of commercial documents by their investors. Not only did the Wadhawans and DHFL conspire in financial dysfunction but also altered records and used public funds for their personal use by creating assets.
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Which Was The Leading Bank In The DHFL Fraud Case?
The leading bank in the DHFL bank fraud case banks list is Union Bank of India. On the 11th of February, 2022, the Deputy General-Manager of UBI filed a complaint against the cooperation.
Massive manipulations were found in financial records and funds diversion was also reported which were maintained by DHFL associates. The loan was exhausted in buying shares or bonds which provoked the abuse of public funds.
DHFL Bank Fraud Case Banks List: 17 Banks Reported To Be Involved
The DHFL fraud banks involved 17 banks in total. DHFL case explained the complete loan disbursements were made by the consortium in 2019 with an extended limit of up to 42,000 crores, in which 34,615 crores remained outstanding leading to the biggest bank fraud in India ever.
Following is the list of DHFL fraud banks involved in the scam:
- Union Bank of India
- Punjab National Bank
- Karnataka Bank
- HDFC Bank
- Bank of Baroda
- Bank of India
- Federal Bank
- Central Bank of India
- Bank of Maharashtra
- Canara Bank
- UCO Bank
- IDBI Bank
- Indian Overseas Bank
- State Bank of India
- Punjab and Sind Bank
- South Indian Bank
- Indian Bank
The DHFL fraud with banks alleged the criminal conspiracy of the DHFL group and Wadhawans for the misinterpretation of the given information and cheating the consortium with 34,615 crores of public fund abuse.
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CBI Carries Probe Regarding the Fraud
The CBI took its hand on the manipulated records of the loan and the famous “Bandra Books”. Constant searches are going on at 10-12 different locations in Maharashtra. The political ramification is yet to be confirmed as Sudhakar Shetty, a prominent business tycoon known for his political connections is actively involved in the biggest bank fraud in India.
The investigation is still in the process while the emerging big names like Sudhakar Shetty, Karan Wadhawan, and Dheeraj Wadhawan are already booked for investigation. So far, the DHFL case explained the incompetence of Indian Banks to resist fraud due to a lack of ensured regulation and flawed policies for lending loans.
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