Star Housing Finance Suspects Phantom Loan Book of Rs. 120 Crore, Initiates External Audit

Star Housing Finance Ltd. has filed a Fraud Monitoring Report-1 with the National Housing Bank, as per RBI's Master Direction on Frauds, due to a snap audit report issued by the National Housing Bank. The report suspects a phantom loan book amounting to Rs. 120 Crore. The company is quick to clarify that these findings are currently suspected and have not yet been established. To further investigate the matter, Star Housing Finance is in the process of appointing an independent auditor to conduct a thorough external audit.