1 week ago
SEBI Alleges Dhenu Built Rs 1,000 Crore Loan Trail
SEBI is investigating how Dhenu Buildcon showed that it received large loans.
The regulator says the company may have used the same Rs 25 crore again and again.
This circulation allegedly made the total look like Rs 1,000 crore.
The money was said to have come from seven entities.
Dhenu Buildcon later changed Rs 840 crore of the supposed loans into company shares.
SEBI examined bank accounts linked to the transactions.
It said the loans did not appear to be genuine.
The regulator also found common directors, addresses, signatories, bank branches and shareholdings among several connected entities.
These findings are allegations made in SEBI’s interim order.
SEBI alleged Dhenu Buildcon used connected entities to circulate Rs 25 crore repeatedly.
The arrangement allegedly created the appearance of Rs 1,000 crore in genuine unsecured loans during FY25.
Dhenu Buildcon purportedly converted Rs 840 crore of the alleged debt into equity in December 2025.
SEBI said bank-account analysis indicated the funds were layered and circulated through connected entities.
The regulator alleged the preferential allotment lacked genuine financial consideration and identified multiple links among the entities.
- Who
- SEBI alleged that Dhenu Buildcon Infra Limited, Surendra Kumar Jain, Virendra Jain and connected entities were involved in the arrangement.
- What
- SEBI alleged that Rs 25 crore was repeatedly circulated to create an apparent Rs 1,000 crore loan trail, followed by an Rs 840 crore preferential equity allotment.
- Where
- The matter concerns Dhenu Buildcon and connected entities, with the SEBI order issued in Mumbai.
- When
- The purported loans were received during FY25, and the Rs 840 crore preferential allotment took place in December 2025.
- Why
- SEBI alleged that the transactions were structured to make non-genuine loans appear genuine and to support an equity allotment without genuine financial consideration.
Key facts
- Regulator
- Securities and Exchange Board of India (SEBI)
- Company
- Dhenu Buildcon Infra Limited
- Base amount allegedly circulated
- Rs 25 crore
- Purported loan total
- Rs 1,000 crore
- Entities shown as lenders
- Seven entities
- Debt converted into equity
- Rs 840 crore
- Allotment timing
- December 2025
Sources
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