DHFL Scam: The Biggest Banks Fraud: Arrest by CBI in Rs 34,000 cr fraud case? A different dimension of this scam?

Dear Indians, Reserve Bank of India, Ministry of Finance, (GoI), Ministry of Commerce Affairs (MCA), GoI, Law Ministry (GoI), Niti Aayog, SEBI, CBI, ED, NIA

The above-mentioned heading of this article at my Newsletter is nothing but the same that is appearing in all the newspapers of the country since this Tuesday (14 May 24), at social media portals, the economics & finance related magazines and TV Channels during live news telecasts and debates. So, the details are available to you all and I refer the same but what I am bringing for your consumption an analysis of this scam purely as my additional inputs to the same as it is a different truth & a dimension of this scam that brings home that how the Home Loan consumers have been cheated /duped / frauded by the DHFL (the promoters of DHFL along with each one of them with whom they connived to carry out this biggest bank fraud). The loan amount to DHFL from the 17 banks-consortium headed by the Union Bank of India is not 34,000 crores but 43,000 crores as taken by the promoters pledging same assets but also having liabilities worth 33,000 crores. So, it is a well-known fact known to you all that the promoters have multiple cases against them being investigated by the investigating agencies of the land (GoI-Government of India) and are being registered in the form of FIRs so to progress them at various courts/ PMLA court against the accused and the ED has attached their(The promoters) properties in India & abroad( At London) as well. This is all in media. The Loan account was declared NPA in 2019 and a Bank Fraud in 2020. The loans taken were diverted in to nearly 65 accounts and recorded them as "Project Finance and inflated Retail Loan Portfolios that contained about 1.8 lakhs fictitious accounts those were non-existent Retail Loan Accounts. So, it is abundantly clear that The Promoters (The Wadhwa 02 Bothers) conspired with others, betrayed the public and used Public Funds improperly for their self-gains. The public money that is the loans extended by the banks is nothing but taxpayers' money or the innocent common man money. These frauds were documented as keeping records in "Bandra Books" a fake digital identity created to fraud. The total liabilities of DHFL were staggering at Rs.90,917.01 crores as on 31 Mar 2021 as reported in media.

My additional inputs are as follows that:

1. DHFL took over Deutsche Post Bank Home Loan Business through a subsidiary known as Blue Star (in 2013 as ) not following the right practices and if you look at these M&As (Merger & Acquisitions), you may easily find about what wrong was there and how a private bank home loan business was acquired by the DHFL (A NBFC) in a design taking huge loans from the banks (creditors) and the moment M&A was over in 2011 itself, it (DHFL) started increasing the Interest Rates on home loans of the Existing Home Loan Consumers of Deutsche Bank and it went up from 9.5% - 9.75% PA to 14.5 % PA with in 02-04 years span and when the people(consumers) started putting their requests to DHFL in 2013-2014 itself for not doing it and asking a reduction in the increased interest rates, they ( The Promoters of DHFL and Management of DHFL) did not bother about the same as they were busy in planning a mega scam to be carried out, the Biggest Day Light Loot of Indian Banks( 17 PSBs-the creditors of DHFL) and kept on harassing consumers till 2021-22 and then it handed over the same status of enhanced interest rates on Home Loans to the PCHFL(Piramal Capital & Housing Finance Ltd) and PCHFL is also pursuing the same with Home Loan Consumers & pressurizing them (consumers) to pay increased interest rates as charged / enhanced by the DHFL between 2011 & Sept 2021 and threatening consumers & initiating action under SARFAESI Act 2002 if increase interest rates not paid. Hence, it is the biggest fraud ever committed on Home Loan Consumers. Further, more when a consumer asked them to close their loan accounts DURING 2014-2021 ,they (The Management of DHFL)asked the consumer / consumers to pay outstanding loan amounts with increased interest rates along with pre-closure amount, so, the home loan consumers were harassed over a period of 10 years & they could not close their loan accounts and as a result they were not able to shift to the banks as outstanding loan amount were calculated with huge increase in interest rates and not as per agreement signed with Deutsche Bank and many of them ( home loan consumers are senior citizens and the Armed Forces veterans) those have been fighting with DHFL & PCHFL in consumer courts for the reduction in these increased interest rates on their home loans as DHFL/PCHFL paid & paying scant respect to their( consumers) requests outstanding for over 10 years. DHFL one side was indulging in Day Light Loot or the biggest Banks Fraud / Scam with a consortium of 17 banks ( hence looting India tax payers money or India people's money or the looting of National Assets) along with acquiring lands from the Mumbai Blast Case Accused Connect & a Drug Mafia, hence, indulging in anti-national activities also and on the other hand DHFL charging abnormally very high interest rates on Home Loan Consumers those were shifted to DHFL from the Deutsche Post Bank Home Loan Business. The takeover of Deutsch Bank Home Finance through First Blue had a conflict of interest as DHFL promoter brother was a Director in First Blue also and later a director in DHFL as well after merger. So, it is indeed a biggest fraud carried out on the people of India or on such Home Loan Consumers. It is indeed not only a cheating but a well-planned & heinously hatched criminal conspiracy that was practiced by the Promoters & Management of DHFL to loot Home Loan Consumers, the innocent common people of India.
2. The PCHFL took over DHFL Home Loan Business with the 46% haircut and it is well known to everyone to whom I have addressed this article above at the start of this post, so, the same interest rate i.e. @46% reduction must be offered to all the Home Loan Consumers in their interest rates on Home Loans what DHFL charged to them on their Home Loans between 2011 to Sept 2021 when PCHFL was reversely merged with DHFL as Banks Loan loss is Taxpayers loss. So, this Reverse Merger of PCHFL with DHFL invites an immediate scrutiny by the RBI and a Forensic Audit at the earliest other than the Auditors those have connived with DHFL in the past so that Home Loan Consumers are not affected, not threatened & not harassed with the hanging sword of SARFAESI Act 2002 as such notices have been issued by the PCHFL. The senior citizens are suffering immensely as they along with their families are under severe stress, rather they must be paid damages by the DHFL / PCHFL as some of them are suffering Life threatening Ailments / Diseases by virtue of these threats & actions.
3. The SARFAESI ACT 2002 and DRT Act needs a review and the changes needs to be brought in so that Home Loan Consumers are not affected as maximum consumers of DHFL under Home Loans are either lower middle class or the middle class and many of them are Senior Citizens and they can't fight DHFL/PCHFL in courts as they do not have that kind of money and on the other hand / side, the DHFL / PCHFL are having a battery of Top Most Layers of the country to represent & defend them at DRTs. These promoters can't be termed as Wealth Creators and NBFCs must not be allowed to punish with the burden of surmounted loans with ever increasing interest rates. So, it indeed a very serious issue where I am requesting RBI / GoI intervention at the earliest. The consumers must be allowed to fight against such illegal actions / issue of notices by DHFL/PCHFL under SURFASEI Act 2002 at local consumer courts at GoI expanses till this exercise of change in SARFAESI Act 2002 is carried out and also a change in DRT Act.
4. This kind of SCAM / Fraud that is carried out by DHFL with the people or tax payers of India and its Home Loan Consumers needs an investigation, a forensic audit of DHFL business between 2011 & Sept 2021 thoroughly and a relief to the consumers to be extended by the PCHFL at least by 46 % relief in interest rates as charged by the DHFL on home loans, so, that the consumers are protected please.
5. The purpose of writing this article is gathering information from the media and putting it up to the concerned departments & agencies / organizations and to the perusal of Hon'ble Prime Minister and Finance Ministers of India, and also to Governor of RBI, so, that they take cognizance of the same ASAP and protect the interest of Home Loan Consumers at the earliest please.
6. It is also pertinent to mention that DHFL / PCHFL have also reported some home loan accounts to the CIBIL under above mentioned cheating and destroyed the CIBIL Score of the consumers in order to build pressure on them to pay their loan amounts as calculated by them with such abnormal increase in interest rates, so, the cibil authorities also to be informed not to carry out these changes in Cibil of such Home Loan consumers. PCHFL must be directed by the RBI / GoI not to increase interest rates in any circumstances on the rates fixed by the Deutsche Post Bank of Home Loan Business initially when an agreement between the bank & consumers were / was signed. Even PCHFL must provide a rebate on interest rates on Home Loans as DHFL has been acquired by them at a haircut of 46% that to in a reverse merger.
7. I request Government of India that please protect the innocent Home Loan Consumers from this scam / fraud / cheating / conspiracy at the earliest as reported in this article.
8. This analysis & reporting by me is purely based on the information available in the media please. It is pertinent to mention that NBFCs are meant compliances, risk management, liquidity management and above all is customer protection as focus area but DHFL did not do any customer protection and kept on increasing interests on Home Loans. It is an established fact by now that Customer Protection has been most neglected area for DHFL as not looking into the customer complaints.

So, it is a biggest ever scam / fraud of Public Money in India where Innocent Home Loan Consumers were targeted and used by the Promoters in their Conspired Design, and it must be investigated thread bare, and all the conspirators must be taken to the task through Fast Track Courts in par with MLA & MP Courts.