The CBI on Wednesday unearthed a scam linked to the Pradhan Mantri Awas Yojana (PMAY) and registered a case against Kapil and Dheeraj Wadhawan, brothers who are promoters of the crisis-hit Dewan Housing Finance Limited (DHFL) and are already in jail - over money-laundering charges.
According to the CBI, Kapil and Dheeraj Wadhawan created fake and fictitious home loan accounts amounting to more than Rs 11,755 crore and, on the basis of these fake accounts, availed Rs 1,880 crore in interest subsidy from the Government of India.
The PMAY - a central scheme to ensure housing for all - was announced in October 2015.
Under the scheme housing loans granted to people from Economically Weaker Sections (EWS) and those from Low and Middle Income Groups are eligible for credit-linked interest subsidy, which varies from three per cent to 6.5 per cent per annum. The subsidy amount is to be claimed by the financing institutions - such as DHFL - that have granted these loans.
