In India, the Dewan Housing Finance Corporation (DHFL) was embroiled in a massive scandal worth $4.3 billion involving loan fraud and money laundering. Founders, the Wadhawan brothers, allegedly diverted over $4 billion to fake borrowers and shell companies. The scam, uncovered in 2019, led to significant losses for banks and uncertainty for legitimate borrowers. Dheeraj Wadhawan’s recent arrest in May 2024 signifies ongoing legal action. Vigilance is urged against enticing loan offers, understanding agreements, verifying disbursements, and opting for reputable lenders to avoid such scams.
Unraveling the DHFL Scandal: A $4.3 Billion Financial Nightmare
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