Why the bid war for DHFL may well end up being a curse for the winner

Establishing a greenfield HFC may be cheaper for the bidders than picking up one embroiled in fraud probes

As the race for beleaguered housing financier Dewan Housing Finance Corporation (DHFL) nears the last lap, whether Adani Capital or OakTree, or Piramal Enterprises gets lucky will be known soon. But here’s the interesting thing.

Going by reports, DHFL may be mopped up for over Rs 30,000 crore — easily twice the money initially offered, which makes the bidding war tough to grasp.

The Central Bureau of Investigation, Enforcement Directorate and Serious Fraud Investigation Office are scrutinising its financials for fraud. In September, Sebi pointed at serious concerns over the authenticity and reliability of DHFL’s financial statements. While the lender has Rs