(WATCH) What sort of tamasha is taking place: Yashwant Sinha on Rs 31,000 crore scam

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Former Finance Minister Yashwant Sinha on Tuesday asked what sort of tamasha (theatrics) was the Narendra Modi government indulging in through its hallowed claims on fighting corruption. He was speaking at an event organised by Cobrapost website to reveal Rs 31,000 scam.

Sinha, who has been launching attacks on the BJP government for quite some time, mocked some media reports claiming that two special planes will soon leave India to get the fugitives such as Nirav Modi and Mehul Choksi from their hideouts abroad.

Speaking at the event, Cobrapost’s editor Aniruddha Bahal had said, “By closely scrutinising public records available with government authorities and information available in public domain, Cobrapost has unearthed a financial scam to the tune of more than Rs. 31,000 crore, though which the primary promoters of Dewan Housing Finance Corporation Limited (DHFL) and their associate companies have committed a systemic fraud in broad daylight to siphon off public money.”

A press release by the website had added, “The scam has been pulled off mainly by sanctioning and disbursing astronomical amounts in secured and unsecured loans to dubious shell/pass-through companies, related to DHFL’s own primary stakeholders Kapil Wadhawan, Aruna Wadhawan and Dheeraj Wadhawan through their proxies and associates, which have in turn passed the money on to companies controlled by the Wadhawans. The money has been used to buy shares/equity and other private assets in India and abroad, including in countries like UK, Dubai, Sri Lanka and Mauritius.”

Soon after the news of the alleged scam broke, DHFL’s shares had plummeted by 8%. 

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