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Corporate Affairs Ministry Order SFIO Probe into Financial Fraud in DHFL

Corporate Affairs Ministry Order SFIO Probe into Financial Fraud in DHFL

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  30 Oct 2019 1:50 PM GMT

New Delhi: The Corporate Affairs Ministry will soon order the Serious Fraud Investigation Office (SFIO) to probe into the alleged financial irregularities at the troubled housing finance company (DHFL), an official source said on Tuesday.

The Registrar of Companies’ (RoC) regional office in Mumbai has recommended action by the SFIO against DHFL in its report submitted to the Corporate Affairs Ministry two days ago, the official said. There is enough concrete evidence of financial irregularities by DHFL, while the report points to fund diversion and siphoning, the source added.

According to the source, the ministry is currently studying the report and will very soon refer it to the SFIO for further action. A non-banking finance company (NBFC), the Dewan Housing Finance Corp (DHFL) had earlier said it was working on a debt resolution plan with lenders to protect the interests of its stakeholders. As of July 6, 2019, DHFL had a total debt of about Rs 1 lakh crore, in which banks have an exposure of Rs 38,342 crore. (IANS)

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