SEBI says DHFL routed ₹14,040 crore to promoter-linked 'Bandra Book' entities
Dewan Housing Finance Corporation Ltd (DHFL) · Housing finance
The case in brief
Visible before detection
Checks that could have surfaced it, on hindsight
Counterparty existence
Would have tested whether borrower entities had real operations.
Can mislead when: Real companies can be used as pass-throughs. Existence does not prove a real trade, so C6 and C7 still apply.
Ownership / related-party links
Would have linked borrowers to the promoter group.
Can mislead when: Nominee directors and offshore layers hide links. Name matching throws up false positives, so every flag shows its evidence path.
Avoidance transactions
Would have flagged transfers later challenged as fraudulent or preferential.
Can mislead when: Only the tribunal decides what counts as an avoidance transaction. Kubr flags candidates and never states a conclusion.
Where Kubr services would have helped
Valuation context
Offered in India- C4 Would have tested whether borrower entities had real operations.
Verified Snapshot
Offered in India- C3 Would have linked borrowers to the promoter group.
- C4 Would have tested whether borrower entities had real operations.
Financial diligence
Offered in India- C3 Would have linked borrowers to the promoter group.
- C4 Would have tested whether borrower entities had real operations.
Proceeds tracer
Offered in India- C3 Would have linked borrowers to the promoter group.
- C4 Would have tested whether borrower entities had real operations.
Mapped from the checks each service runs. A hindsight reading of public records, not a promise that the failure would have been found.
Same pattern
A summary of public documents. It reports what the sources say. It is not Kubr's finding and not a statement of guilt.