Any charge or accusation of siphoning of funds by promoters of a company is a serious one, moreso if the accused entity is a public one, with public money at stake, whether by way of shareholding, or by way of bank loans, public deposits etc. Take the recent case of DHFL, which was accused by Cobrapost of having siphoned away over Rs.31000 crores, through shell companies, through which money was diverted to acquire assets, such as shares, real estate etc. in India and abroad, including in the UK, UAE, Mauritius and Sri Lanka. Apart from such money laundering, it was alleged that DHFL was involved in round tripping, tax evasion, insider trading and hawala activities. The Cobrapost report also said that these assets have been secured/ring fenced by the DHFL promoters so strongly, that they are beyond the reach of the creditors/lenders of DHFL. It interestingly said that DHFL has given donations of Rs.19.50 crores to the BJP. The question is did DHFL really siphon funds? Mr. Akhilesh Bhargava, Business Editor of HW Business and Finance, shares his insights on the matter.
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