Indian finance company Dewan Housing Finance Corporation Ltd (DHFL) has reported a further fraud worth Rs 6,182 crore (around $850m) to the stock market.

Administrators for the deposit-taking company said that its transaction auditor Grant Thornton had indicated transactions which are “undervalued, fraudulent and preferential in nature”

The suspected fraud is in relation to irregularities in the disbursement of “Other large project loans” over a period of time.

This is the second fraud reported involving DHFL.

In September last year, DHFL’s administrator filed a case of fraud worth Rs 12,705 crore ($1.7 billion) against the promoters in a bankruptcy court.

Last month the non-banking financial company (NBFC) got the central bank’s approval to be acquired by Piramal Capital in the insolvency process.

Register for free to receive the latest FinCrime news and analysis straight to your inbox  

Topics