Four firms, directors booked for duping DHFL of ₹1,057 crore

The FIR is registered against four firms -- Silverland Development Corporation, Harsh Developers, Sri Khodiar Realtech Syndication, Sri Jivdani Maa Real Estate

Mumbai: The Economic Offences Wing (EOW) of the Mumbai police has recently registered a First Information Report (FIR) against directors of four real estate firms for allegedly duping Dewan Housing Finance Corporation Limited (DHFL) of ₹1,057 crore.

The case was first registered at the Nirmal Nagar police station and later transferred to EOW for investigation. (REUTERS)

Police officials said that the directors had allegedly availed loans from DHFL between 2011 and 2018 by mortgaging their properties, but the loan money was diverted and utilised to clear debts of other banks.

Besides, the accused sold off the mortgaged properties without securing mandatory NOC from DHFL, thus breaching the terms of the loan agreement, said the police officials.

The FIR is registered against four firms -- Silverland Development Corporation, Harsh Developers, Sri Khodiar Realtech Syndication, Sri Jivdani Maa Real Estate and their nine directors, including Vijay Kamdar, Ranjan Kamdar, Dhaval Kamdar, Shaili Kamdar and Chetan Mawani, among others.

The case was first registered at the Nirmal Nagar police station and later transferred to EOW for investigation.

“The accused persons secured loans from DHFL between 2011 and 2018, by mortgaging some of their properties. The loan money was used for the purpose other than it was availed for and was utilised to repay loans of other banks. The accused persons allegedly sold off nine flats at Le Palazzo residential project at Nana Chowk to five individuals without taking prior permission or NOC from DHFL as those flats were mortgaged with the DHFL, thus breaching the terms of the loan agreement,” Amol Walawalkar, DHFL’s deputy vice president, said in the FIR. HT has seen a copy of the FIR.

It is alleged that while selling one of the flats, one of the developers submitted a bogus NOC of DHFL to process the deal. The money received from the selling of the flats was utilised by the accused for their benefit, thus again violating the terms and conditions prescribed in the loan agreement and causing huge financial losses to DHFL.

The accused failed to repay the amount of ₹462 crore of the total loan amount of ₹793 crore taken on loan and the total dues payable to DHFL have now reached ₹1,057 crore, complainant said in his statement to the police.

The police complaint has also stated that the accused persons had provided personal and corporate guarantees to help each other secure the loans.

The EOW is contemplating to rope in a forensic auditor to trace the money trail, said a police officer requesting anonymity.

Dhaval Kamdar, Chetan Mawani refused to speak on the matter. Vijay Kamdar did not respond to detailed queries sent on email.

Reserve Bank of India (RBI) ousted Kapil Wadhawan and Rakesh Wadhawan, arrested in connection with the fraud at Yes Bank, from the Board of Directors of DHFL. The National Company Law Tribunal (NCLT) had on June 7, 2021, approved the resolution plan for DHFL’s reverse merger with Piramal Capital and Housing Finance Limited.