NEW DELHI: Reliance Home Finance on Sunday said an independent forensic audit, mandated by lenders, has found no fraud, embezzlement or diversion and siphoning of funds in the company that is seeking debt resolution.
In a statement, the company said the audit made “no adverse findings” on the quantum and end-use of lending.
As part of the debt resolution process, lenders of the company, which had defaulted on some debt repayment obligation following the crisis in shadow banking industry, appointed Grant Thornton in August 2019 for forensic audit, as required under the RBI guidelines on Prudential Framework for Resolution of Stressed Assets under change of control and management.
The forensic auditors were specifically mandated by the lenders, as part of the Terms of Reference, to report on any diversion/ siphoning of funds, any embezzlement, malafide operations, falsification of accounts, fraudulent transactions and whether any frauds by promoter, company, employees or any associates had been observed, the statement said.
“The forensic auditors have submitted their report, and there are no adverse findings recorded on 11 key parameters, including d