The Central Bureau of Investigation on Wednesday, March 25, revealed a scam linked to the Pradhan Mantri Awas Yojana (PMAY) and filed a case against Dewan Housing Finance Limited (DHFL) and its promoters Kapil and Dheeraj Wadhawan, reported NDTV.
According to the central probe agency, Kapil and Dheeraj created "fake" home loan accounts to the tune of Rs 14,000 crores and availed ₹ 1,880 crores in interest subsidy from the central government.
Pradhan Mantri Awas Yojana, a central scheme to ensure housing for Economically Weaker Sections (EWS) and those from Low and Middle-Income Groups was announced in October 2015.
The credit-linked interest subsidy is to be claimed by financing institutions like DHFL that give these loans.
According to the agency, DHFL, in December 2018, told investors that it had granted 88,651 loans under the scheme and received ₹ 539.4 crores in subsidies, with an additional ₹ 1,347.8 crores due.
A forensic audit by Grant Thornton brought to light that Kapil and Dheeraj had opened 2.6 lakh fake housing loan accounts, many of which were under the scheme and claimed interest subsidies in a fake Bandra branch of the organisation.
Loans to the tune of ₹14,046 crores were sanctioned to these accounts between 2007 and 2019, CBI has alleged. Of the ₹14,046 crores, ₹11,755.79 were moved to fake firms.
In June last year, the CBI filed a charge sheet against the Wadhawan brothers and Yes Bank founder Rana Kapoor in the Yes Bank scam case.