2 weeks ago
SEBI Alleges Dhenu Buildcon Created ₹1,000 Crore Loan Trail
SEBI is investigating how Dhenu Buildcon appeared to receive ₹1,000 crore in loans.
The regulator says the company may have used the same ₹25 crore repeatedly between connected companies.
This could have made a much smaller amount look like many large loans.
Dhenu Buildcon later turned ₹840 crore of these supposed loans into company shares.
SEBI says the transactions may not have involved genuine financial payments.
It found links among the companies through shared directors, addresses and bank connections.
The regulator also said some companies did not appear to have real offices or business activity.
SEBI named Surendra Kumar Jain and Virendra Jain as people it says controlled or managed the network.
SEBI alleged that Dhenu Buildcon circulated ₹25 crore through connected entities to create an apparent ₹1,000 crore loan inflow.
The company purportedly received the loans from seven entities during FY25, according to the regulator.
Dhenu Buildcon converted ₹840 crore of the purported debt into equity through a December 2025 preferential allotment.
SEBI said the entities were linked through common addresses, directors, signatories, bank branches and cross-shareholdings.
The regulator alleged that Surendra Kumar Jain and Virendra Jain controlled or managed the network and that the entities lacked commercial substance.
- Who
- SEBI, Dhenu Buildcon Infra Limited, Surendra Kumar Jain, Virendra Jain and connected entities.
- What
- SEBI alleged that ₹25 crore was repeatedly circulated to create the appearance of ₹1,000 crore in genuine unsecured loans.
- Where
- The matter was reported from Mumbai and involved transactions through the bank accounts of connected entities.
- When
- The alleged loans were received during FY25, and ₹840 crore was converted into equity in December 2025.
- Why
- SEBI said the arrangement may have been used to support a preferential allotment without genuine financial consideration and to create the appearance of substantial lending.
Key facts
- Regulator
- Securities and Exchange Board of India (SEBI)
- Company
- Dhenu Buildcon Infra Limited
- Alleged base amount
- ₹25 crore
- Apparent loan inflow
- ₹1,000 crore
- Preferential allotment
- ₹840 crore converted into equity
- Purported lenders
- Seven entities
- Alleged organizers
- Surendra Kumar Jain and Virendra Jain
Sources
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