The DHFL scam exposes alleged crony capitalism by Ajay Piramal, including undervalued acquisitions, insider trading, environmental violations, and SLAPPs against victims. Close ties to the BJP raise accountability concerns, while ordinary investors face massive losses. Citizens are mobilizing to demand justice and protect public health and financial security.
Category Archives: Activities
Our current activities concentrate on the case of Dewan Housing Finance Corporation Limited (DHFL), India. While exploring and investigating this particular case, we have found that India’s crony ruling party, gangsters, banksters as well as religious gurus and institutions are involved in the same. Therefore, to break such collusion, we have decided to deploy an “all out attack” on the existing paradigm of neoliberal market economy as well as market fundamentalism. ***DISCLAIMER: We have collected all the data from available sources on the internet as given on the official portals of media houses, websites and institutions and organizations. We are not first-hand reporters and hence, we are not liable for any inadvertent error or value-loaded statements made on those portals. All propositions have to be viewed as descriptive assertions on the given point of concern.***
Sorry is Not Enough: Inside the 11th September Call Between OBMA and Piramal Finance
On 11 September 2025 (the DHFL Victims’ 9/11!!!), a phone conversation between Dr. Debaprasad Bandyopadhyay (OBMA) and Mr. Jitendra Wagh (Piramal Finance Ltd.) laid bare the unresolved moral and legal contradictions of the DHFL resolution. While Wagh reiterated corporate apologies and deferred responsibility to court rulings, Bandyopadhyay challenged the moral legitimacy of Ajay Piramal’s acquisitions—juxtaposing philanthropy, political donations, and lavish displays of wealth against the dispossession of DHFL victims. The dialogue exposed how legal frameworks and symbolic appropriations of Gandhi, Tagore, and the Gita serve to shield systemic financial abuse and crony capitalism under the BJP regime. By forcing Piramal Finance into reluctant acknowledgment, OBMA pierced corporate silence, reframing the DHFL struggle as a broader reckoning with India’s oligarchic order.
Non-Godi Media, This Is Your Wake-Up Call: The DHFL Scam
This video is a direct appeal to India’s non-Godi media to break their silence on the DHFL scam—a financial catastrophe that destroyed the savings of pensioners, defence families, employees, and small investors while powerful corporations, auditors, rating agencies, and regulators escaped accountability. It exposes how political donations, celebrity endorsements, fraudulent credit ratings, judicial opacity, and sweetheart deals under the Insolvency and Bankruptcy Code enabled the systematic looting of public wealth and its transfer to oligarchs like Ajay Piramal. By demanding fearless reporting, a Judicial Truth and Accountability Commission, real penalties for gatekeepers, anti-SLAPP protections, and restitution for victims, the video insists that silence from independent media is not neutrality but complicity in state-corporate betrayal.
Open Press Release: An Urgent Appeal to India’s Non-Godi Media on Press Freedom, Censorship, and the DHFL Scam
The DHFL scam is not merely a financial fraud but a glaring testament to India’s descent into crony oligarchy, where state-corporate collusion, regulatory failure, and alleged judicial bias have enabled systemic looting of public wealth, leaving millions of ordinary citizens—senior citizens, employees, NRIs, and middle-class investors—silenced and dispossessed. Alongside IL&FS, PMC Bank, and Yes Bank, DHFL exemplifies a decade-long pattern of engineered bankruptcies that enrich tycoons like Adani, Ambani, and Piramal while gatekeepers—auditors, credit rating agencies, and celebrity endorsers—escape accountability. Victims face SLAPP suits, denied justice, and deliberate erasure from mainstream and even non-mainstream media narratives. We, the Once in a Blue Moon Academia (OBMA), on behalf of the DHFL victims, urgently call upon India’s non-“Godi” media—the last remaining torchbearers of truth and justice—to expose this state-corporate nexus, hold all perpetrators accountable, amplify the voices of the long-silenced victims, and pressure authorities to deliver genuine financial justice before public trust and constitutional values are irreparably eroded.
When Institutions Dodge Responsibility, Who Answers to the DHFL Victims?
On 30th July 2025, OBMA submitted a detailed appeal to India’s top regulatory and judicial authorities, calling for institutional accountability, independent inquiry, and restitution for thousands of DHFL depositors whose savings were wiped out. Despite detailed evidence of auditing failures, flawed credit ratings, and regulatory lapses, SEBI’s response was allegedly a bureaucratic deflection, refusing responsibility. To highlight this stark contrast, we designed a poster juxtaposing the plea for justice with SEBI’s mechanical reply, exposing systemic evasions and the erosion of public trust. Download, share, and spread this poster—because when regulators dodge responsibility, ordinary citizens pay the price.
We Love You SRK, But You Must Answer for DHFL!
This statement calls on Shah Rukh Khan to take accountability for endorsing DHFL between 2015 and 2018, a period when lakhs of small depositors were persuaded to trust the company before its collapse in 2019, which wiped out over thousands of crores of rupees. Citing the Consumer Protection Act, it argues that Khan failed in his duty as a celebrity endorser to exercise due diligence, and demands a public apology, disgorgement of his endorsement fees, penalties under law, and a temporary ban on financial product endorsements. Drawing on his iconic film roles, the appeal frames accountability not as hostility but as an act of love and justice, urging Khan to stand with victims as the true hero he portrays on screen. It ends with a call for public action—signatures, solidarity, and collective pressure for justice.
DHFL Scam: Who Audited and Rated Our Trust?
Between 2010 and 2019, DHFL projected itself as a secure, AAA-rated housing finance company, yet it concealed one of India’s largest financial frauds involving shell companies, fictitious loans, and alleged political collusion with the BJP. Despite glaring irregularities, auditors and credit rating agencies continued to endorse its credibility, betraying the trust of lakhs of ordinary small depositors. The collapse left vulnerable groups—senior citizens, widows, pensioners, and salaried professionals—with devastating losses, while the resolution process (reportedly) disproportionately benefitted one chosen corporate acquirer. This appeal demands disciplinary action against negligent auditors and rating agencies, restitution for depositors, transparency in insolvency proceedings, and systemic reforms to restore accountability in financial governance.
Resist Fear, Defend Freedom: Stop SLAPPs, Stop Surveillance
This video exposes how India’s democracy is under siege through SLAPPs (Strategic Lawsuits Against Public Participation), draconian laws like UAPA, and unchecked digital surveillance. From the DHFL scam victims fighting corporate–state collusion, to students, journalists, and whistleblowers imprisoned or silenced, the message is clear: truth-telling has been criminalized. Drawing from Tagore’s vision of a fearless India, the video demands strong anti-SLAPP protections, accountability in surveillance, and safeguards for free speech — reminding us that defending dissent is defending the Constitution itself.
DHFL Scam and the Death of Public Trust: Time for a Truth and Accountability Commission!
This appeal calls for the creation of a Judicial Truth and Accountability Commission to investigate the Supreme Court’s April 1, 2025 verdict on the DHFL insolvency case, which allegedly legitimised a flawed resolution plan favouring corporate interests while wiping out the life savings of lakhs of small investors, including widows, senior citizens, and the differently abled. Citing alleged collusion between regulators, the RBI-appointed CoC, and corporate actors, as well as parallels with electoral manipulation, it frames the case as part of a broader pattern of financial authoritarianism under the NDA regime (2014–ongoing). The Commission is envisioned to audit judicial reasoning, regulatory conduct, and the IBC process, outlaw SLAPP suits, and ensure systemic reforms so that courts and institutions uphold constitutional accountability over corporate power.
Landmark Victory in the DHFL Chronicle: A New Ray of Hope for the Victims
On 31 July 2025, the Chandigarh State Consumer Commission delivered a landmark ruling in the DHFL scam, holding Catalyst Trusteeship, CARE Ratings, and Brickwork Ratings liable for negligence and ordering them to compensate an investor—marking the first time market gatekeepers, not just the defaulter, were held accountable. This breakthrough offers all DHFL victims a second path to justice beyond the Insolvency and Bankruptcy Code, empowering them to pursue trustees, rating agencies, and other enablers. Once in a Blue Moon Academia (OBMA) has long called for such accountability, urging victims to unite, gather evidence, sign petitions, and build a sustained public movement to turn this precedent into systemic change.
Once in a Blue Moon Academia 