India, May 30 -- Dewan Housing Finance Corporation Limited (DHFL) had developed a software that automatically split hundreds of crores diverted to its real estate arm through 87 shell firms into thousands of retail loans to mask the diverted amounts from banking regulators, according to the Enforcement Directorate's (ED's) charge sheet into the Rs.34,614-crore bank loan fraud case linked to the company.

The investigation has revealed that DHFL promoters Kapil and Dheeraj Wadhawan diverted around Rs.11,548 crore from DHFL to 87 fictitious entities-known as Bandra Book firms-for business purposes and personal use. The brothers used the diverted funds to purchase 25 paintings and a sculpture worth over Rs.63 crore, expensive jewellery, and ...