Case Study: The DHFL Case, Forensic Analysis of a Multi Layered Fraud

A forensic case study of Dewan Housing Finance Corporation (DHFL), the housing finance company that went from a AAA rating to default in 2019 and became the subject of the largest bank fraud case the CBI has registered. Built for senior forensic auditors, chief compliance officers and financial crime investigators, it reconstructs the fraud layer by layer from the public record: the Cobrapost allegations, the KPMG special review commissioned by lenders, the Grant Thornton transaction audit under the IBC, and the CBI and ED chargesheets. You examine how developer loans were routed to promoter linked entities through shell borrowers, how a fictitious retail book was kept in a hidden branch ledger and used to claim PMAY subsidy, how counterparty deals with Yes Bank and Sunblink pulled in the CBI and ED, and why auditors, rating agencies and NHB supervision did not catch it. The course follows the case through RBI supersession, India's first financial services insolvency, the Section 66 avoidance applications and the Piramal resolution, and closes with a layered fraud investigation framework you can apply to any NBFC or HFC using exchange filings, MCA data, annual reports and Screener.in.