DHFL SCAMS| WHY DHFL SCAM IS CONSIDERED AS BIGGEST SCAM IN INDIA| IS PM AWAS YOJANA ADDED CATALYST TO THESE MONEY LAUNDERING|AJURSCONTENT

 Hey Guys! Hope you're doing well and great. We bring back the most viral news and must-know case study of the biggest scams in India. I think you got an idea of what we're going to discuss in the case study. But before going to the complete case study let's ask questions ourselves Dude some big tycoons will do scams why should we bother to know this information.

WHY DHFL IS CONSIDERED AS BIGGEST SCAM IN INDIA.IS PM AWAS YOJANA ADDED CATALYST TO DHFL SCAM?

            

YES! Perfectly Alright. let me start our discussion in this way today, If X company of chairman of that company will be arrested for a money laundering case and she/he will be investigated and banks will try to recover that money. with the great case maybe it affects us like increasing Taxes it's ok we are not only one paying that taxes right everyone is paying that burden.

I am sure that everyone who follows regular social media or current affairs that taxes will be raised as one of the reasons that scams. But, Let me open a window the new one where common citizens don't have an idea how the scams are happening and what are the factors impacting us. Consider you earned some amount of money where it consider as 100% and you should pay taxes 30% from that some amount where remains with 70% and additionally you have to pay 15% GST on most of the items you purchase in your daily life. Overall after bearing these many taxes you should survive your needs with your remaining amount.

                                             

It's perfect alright let me tell my story, I own a company where financing and loans were provided with better interest rates. As I was in the profit stage I planned to escape from taxes such that I can invest more money and become rich,With those black money I am doing legal business, If daily groceries and item rates will increase I should not pay that whole money, You people are there too contribute my exempted tax money. It gives me immense pleasure that I need to work hard to make more money by following the scam models and indeed I can share with my fellow company chairpersons where I can get support and Commissions to make this process reliable. After that still if inflation increases obviously the amount should not pay by our fellow mates and me, It should be projected on everyone. You need not tell any answer to me, just comment down your opinion and you're intended to know the Biggest scam in India by DHFL Housing Finance Corporation.

Let us start with the story, are the origin of this story, and how it was born as a housing finance corporation. Kuldeep Wadhawan had two sons, Rajesh Wadhawan and Rakesh Wadhawan.

In 2010, Deutsche Post bank is dealing with financing and loans and it got acquired by Wadhawan Family later it changed into DHFL Housing Finance corporation which is mainly operated and owned by the Rajesh Wadhawan family. Their agenda was to start DHFL to provide housing loans to middle-class and below-middle-class communities to reach their desire to build their own house with reliable needs. You may question why people need to take loans from DHFL as they have options of govt. aided banks where they can provide much better interest rates and security too. Let me tell you the basic human thinking and how it reacts, consider you need an urgent glass full of water and you have two options that place where you can get a half glass of tap water and it may affect your health later and another side you can better pure water but need to walk for a while. Basically, we are running in the loop of the short-comming outputs without thinking of future and long-run outputs. Exactly, DHFL cracked the needs of rural areas as many people are willing to get loans but govt. aided banks are not located in rural areas and if so available, they need to go through many paperwork and time-consuming processes with redundancy. These were the factors DHFL made it possible to their loans systems such that many people were attracted to DHFL Financing.

How DHFL can make these processes alike banks. DHFL is an NBFC where it can have access to promote loans and financing with certain regulations where govt. is licensed to promote this entity.NBFC means Non-Banking Financial Companies.

Then How do these NBFCs get money to suffice these financing and loans to the public even if they have huge amounts. As the regulations by the govt. and financial corporations can availability to get funds from banks with minimal interest rates where they can thrive up their interest rates by lending to the public/customers. Anyways it will indirectly benefit banks. DHFL company takes 5.5- 7 % interest rates from banks and lends to the public at   8-12.5% interest rates.

                             

In 2019, a piece of viral information was scattered everywhere regarding scams happening in DHFL financing. Cobrapost exploded with news that DHFL was involved in money laundering in the name of housing loans with fake accounts creation. This shattered the progress of DHFL company where in stock price was hilled down by 16% and in the span of months, it drastically dropped by 97%. Cobrapost had done a sting operation in detail where this happened and what were their working model and trajectory to convert this black money into white money without creating conflict in the company's financial balance sheet.

Balance Sheet: It means where company profits, debts, and projections will be displayed and maintained in the format.

They routed that loan approval process in DHFL as it goes through a rigorous process for every application and after that, it will be submitted to chief M.D. Naturally, this doesn't get an odd display to any financial and investigative firms. But there was a catch, Before that lets us know how the normal loan approval happens.

But,  cobra post exposed how scams happen in the loan approval process where it stated that Cheif M.D was used his personal e-mail to update the loan status to account holder(i.e,Fake Account). Here it was another interesting thing was how this black money converted into white money. In Mumbai under Bandra Branch, nearly 2.5 lakh accounts are remained as fake accounts and these money will again transferred to some anomynous companies which is called as Shell Companies. 

Shell Companies: Companies which are created in the registratiins[Papers] but not presented physically and these comapnies owners created these companies to avoid taxes and to attempt many fraud cases.

As these funds are transferred to shell companies from that it will directed towards the promoters pocket/ owners accounts where they can spend these funds into their futuristic investements and islands which are tax free. Successfully black money will be converted into whitemoney inclusive of strong finnacial term sheets and believe no financial advisor will catch up this fraud model as this was the biggest and most strategic trajectory to perform money laundering.

                                     

 

As this scam exposed, Jan 2020 chairperson of DHFL Kapil Wadhawan was arrested under the case of PMLA  Prevention of Money Laundering Act. It deals with money laundering cases. Strangely within span of months Feb 2020 Mumbai High Court was approved Bail to Kapil as the money laundering fraud was not proved. You can think that how can it will be easy to come out of big chaos. Theoritically if an organisation or comapany filed with such case then they can never come out from the jail. But, political power gives wild card entry to every impossible thing to provide a window to come out of this mess. Even after this great shock has been affected to DHFL its rating was still in optimum values. Here you need to know that whatever we are thinking that certain templates remains as reference consider to buy a movie ticket before booking you can view some of the rating and critic reviews to know about the movies but interestingly the rating which we are referring are paid reviews. Exactly same thing happens in banking performance systems where fake rating systems are paving trajectory to the scams.

Story not ends here! In 2021 March Goverment introduced PM AWAS YOJANA to provide housing schemes to poor and below pverty line class people. This became solid pressure to govt. aided banks to set up those procedures, But banks wholly cannot do these, as they collabarated with NBFCs. This made DHFL to enroute new scams through these housing schemes which resulted as DHFL unable to pay to the customers.In 30 Nov 2021, Union Bank  was filed case on DHFL in CBI to investigate the transactions of these funds. They stated that it was 14000 Crores of funds was been misused under this scheme. KPMG financial investigation reports obtained that out of 66 companies 25 companies addresses and verification is invalid and unclear. 

Recently June 2022 the final report states that DHFL scam is considered as the one of biggest and largest finacial scam in india worth 34000 Crores. It was right absolutely 34000 Crores. A Big discussions and serious investigations has been going on this scams and hopefully it will resulted with end money to the goverment. Because the work is not completed when culprit is being arrested. He/She should interrogated to bring back those black money to goverment.

Financial scams are one of most fraud happening entity in most scam categories, As our responsibility to get aware on these terms and situations. We should question on goverment banks and NBFCs to know the amount taxes and also being an customer we should know our right to know everything on certain payments.

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