The story alleges that DHFL and its primary promoters created dozens of shell companies with a nominal capital of ₹1 lakh, and divided them into smaller groups of 2-4 companies. A lot of these companies have the same or similar addresses and the same set of initial directors, as well as the same group of auditors to cover up the financial details of these companies. It has been alleged that DHFL’s primary promoters disbursed huge loans to these groups of shell companies—mostly without any kind of collateral— the proceeds from which “appear to have been used for creation of private assets both offshore and in India”. The story claims that DHFL’s primary promoters disbursed thousands of crores worth of loans to these shell companies in the name of secured loans against slum development projects, without any due diligence or maintaining an equity ratio.