Aviom India Housing Flags Fraud, Warns of Payment Delays amid NHB Audit: CNBCTV18
Moneylife Digital Team 26 November 2024
Aviom India Housing Finance Pvt Ltd has informed its creditors about an ongoing audit by the National Housing Bank (NHB) following the discovery of fraudulent transactions during a recent onsite supervisory inspection. The company warned that this could delay repayments to creditors, says a report from CNBC TV18.
 
CNBC-TV18 says it has accessed Aviom India Housing's communication to its creditors. "In the letter addressed to its lenders, Aviom detailed that the NHB had initiated a forensic audit based on findings during a snap inspection. The inspection flagged concerns, including irregularities in 'the statement of accounts of the mutual fund(s)', which appeared to be manipulated."
 
Aviom acknowledged that the audit might lead to a restatement of previously submitted financial data. "The NHB Audit was initiated following the regular onsite supervisory inspection that resulted in observations, including that the statement of accounts of the mutual fund(s) appear to be managed."
 
"The delay in the finalisation of financial statements, pending the NHB Audit, has caused delays in raising capital. These proceeds were intended to meet repayment commitments and fund onward lending. Further, short-term liquidity has been significantly impacted due to sticky receivables amounting to approximately Rs35 crore. We are making every effort to recover this amount promptly," Aviom was quoted as saying in the letter.
 
Aviom also disclosed that it had filed a criminal complaint with the economic offences wing (EOW) on 19 November 2024. Additionally, the report says the company's former statutory auditors have advised against relying on its financial statements for the past three financial years.
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