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.
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.***
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.
Justice Beyond Courts: DHFL Scam and the Call to Organize
On India’s Political Independence Day, we discuss the strength of social movements and why DHFL scam victims need more than courtrooms to win justice. Learn how to educate, agitate, and organize for real change—and why united action is the only way to hold the “powerful” accountable. 📢 Sign and share the petitions: PETITION 1– SIGN HERE: https://chng.it/rndVPmFY8z’ PETITION 2– SIGN HERE: https://chng.it/dSwwM2pYNT PETITION 3– SIGN HERE: https://chng.it/DCxVVJz8bW PETITION 4– SIGN HERE: https://chng.it/9RwFbKMMFp 🌐 Read more on Once in a Blue Moon Academia (OBMA): https://onceinabluemoon2021.in/
Demand Transparent Accountability: The Mass RTI Appeal to the DHFL Victims
This mass RTI appeal urges DHFL victims and their communities to demand transparency regarding the RBI-appointed Committee of Creditors’ (CoC) meetings, voting records, and expenditures during the DHFL insolvency resolution process. Faced with systematic denial of crucial information, this coordinated effort seeks to expose potential manipulation and cronyism that have compromised fair decision-making. By collectively filing RTI requests, the public asserts its right to scrutinize how votes were cast, decisions made, and funds spent—upholding democratic accountability in a process that deeply affects victims and the broader financial system. This appeal highlights transparency as a fundamental democratic right essential to justice and fairness.
No More Silence: DHFL Victims, Unite and Sign for Justice!
This open letter is a heartfelt call to action for victims of the DHFL financial scam, urging collective courage and mobilization against systemic injustice. It outlines the devastating betrayal by corporate, regulatory, and judicial entities that enabled the fraud, leaving lakhs of small investors unheard. Framing the crisis as a human rights issue, the letter invites victims to join a growing civil movement through four online platforms and support four urgent petitions demanding judicial accountability, auditing reforms, celebrity endorser responsibility, and protection for whistleblowers. It emphasizes non-violent resistance and the vital role of public pressure in seeking truth and justice.
Once in a Blue Moon Academia 