Dhenu Buildcon used `25 crore to create `1K cr loan trail: SEBI

SEBI Whole Time Member Kamlesh Chandra Varshney alleged in an interim order that Dhenu Buildcon Infra Limited used a network of connected entities to repeatedly circulate a base amount of ₹25 crore, creating the appearance that the company had received ₹1,000 crore in genuine unsecured loans. According to the markets regulator, the arrangement was orchestrated by Surendra Kumar Jain and Virendra Jain, involving Dhenu Buildcon and several entities connected to the company. 

The Securities and Exchange Board of India stated that during FY25, Dhenu Buildcon purportedly received ₹1,000 crore in unsecured loans from seven entities. The company subsequently converted ₹840 crore of the purported debt into equity through a preferential allotment to six of these entities in December 2025. 

However, an examination of bank accounts of the entities allegedly involved showed that the ₹1,000 crore inflow was created by repeatedly layering and circulating a single base amount of ₹25 crore through accounts of connected entities. 

The regulator further alleged that the initial ₹25 crore originated from suspicious fund rotations involving other connected entities. Based on its analysis of the fund trail, the Securities and Exchange Board of India concluded that the purported loans were not genuine transactions.                               

-IANS