DHFL directors scammed millions from PM housing fund::CBI

The CBI on Wednesday unearthed a scam linked to the Pradhan Mantri Awas Yojana (PMAY) and registered a case against Kapil and Dheeraj Wadhawan, brothers who are promoters of the crisis-hit Dewan Housing Finance Limited (DHFL) and are already in jail – over money-laundering charges.

According to the CBI, Kapil and Dheeraj Wadhawan created fake and fictitious home loan accounts amounting to more than ₹ 11,755 crore and, on the basis of these fake accounts, availed ₹ 1,880 crore in interest subsidy from the Government of India.

The PMAY – a central scheme to ensure housing for all – was announced in October 2015.

Under the scheme housing loans granted to people from Economically Weaker Sections (EWS) and those from Low and Middle Income Groups are eligible for credit-linked interest subsidy, which varies from three per cent to 6.5 per cent per annum. The subsidy amount is to be claimed by the financing institutions – such as DHFL – that have granted these loans.