DHFL loan to de­vel­oper un­der tax scan­ner


The pro­mot­ers of De­wan Hous­ing Fi­nance (DHFL) and RKW De­vel­op­ers have come un­der an in­come-tax (I-T) depart­ment scan­ner in con­nec­tion with al­leged trans­ac­tions in be­nami prop­er­ties of ~95 crore in a Mum­bai-based re­de­vel­op­ment project. A pro­vi­sional at­tach­ment or­der has been is­sued.

It ap­pears the first time where the tax au­thor­i­ties are tak­ing re­course to last year’s Be­nami Trans­ac­tions (Pro­hi­bi­tion) Act to es­tab­lish a con­nec­tion between a hous­ing fi­nance com­pany and realty de­vel­op­ers in sanc­tion­ing of loans — of ~150 crore in this case to an en­tity which had pur­chased 10 apart­ments in the said project, New Ur­mila Hous­ing So­ci­ety at Khar West.

DHFL chair­man and man­ag­ing di­rec­tor Kapil Wad­hawan and RKW De­vel­op­ers’ Dheeraj Wad­hawan are sib­lings. Ac­cord­ing to lat­est BSE fil­ings, pro­mot­ers Aruna Wad­hawan, Dheeraj Wad­hawan and Kapil Wad­hawan own less than one per cent each in­di­vid­u­ally in DHFL. How­ever, they own about 37 per cent through their hold­ing en­tity, Wad­hawan Global Cap­i­tal.

In a pre­lim­i­nary re­port, re­viewed by this pub­li­ca­tion, the I-T depart­ment al­leges RKW De­vel­op­ers and re­lated en­ti­ties ac­quired the 10 flats in the project by us­ing “fronts/shell en­tity”. The en­quiry re­port says the flats were pur­chased in the names of Man­preet Es­tates LLP, Dr­ishtik Sales Agency and two other in­di­vid­u­als.

“We are look­ing into the role of both lender and de­vel­oper, and whether it was a trans­ac­tion or an ar­range­ment, where a prop­erty was trans­ferred to a be­nami­dar, who lent his/her bank ac­counts for be­nami trans­ac­tions,” said a se­nior I-T of­fi­cer. He said the prop­erty was be­ing held for im­me­di­ate or fu­ture ben­e­fits of the end­ben­e­fi­ciary.

The re­port has been sent to a ded­i­cated be­nami pro­hi­bi­tion unit, re­cently formed by the Cen­tral Board of Di­rect Taxes (CBDT). Act­ing on the find­ings, the spe­cial unit has pro­vi­sion­ally at­tached all the 10 flats un­der the Act.

The probe re­port says Man­preet Es­tates LLC, formed in 2014, had no im­print of tax fil­ing and was sanc­tioned a loan amount of ~150 crore by DHFL.

“DHFL has given a loan of ~150 crore to Man­preet Es­tates LLP in due course of busi­ness. The I-T depart­ment had sought for gen­eral in­for­ma­tion/clarifications on this trans­ac­tion. DHFL has fur­nished the re­quired doc­u­ments and in­for­ma­tion,” a DHFL spokesper­son said.

Adding: “DHFL strongly de­nies any sur­vey con­ducted at any of the DHFL premises or lo­ca­tions. No DHFL of­fi­cial has been called by the I-T depart­ment on this mat­ter.” Busi­ness Stan­dard was un­able to con­tact RKW De­vel­op­ers’ ex­ec­u­tives. A se­nior of­fi­cial at the Wad­hawan Group said he could not com­ment on op­er­at­ing com­pa­nies.

I-T dept seeks de­tails on loan from com­pany in al­leged be­nami trans­ac­tion

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