Sebi has passed an interim order in the matter of Dhenu Buildcon Infra after finding that the company’s market cap rose from about Rs 3 crore to Rs 4,925 crore during the examination period, even as its business remained small and its revenues were almost negligible. The regulator said Dhenu Buildcon, a BSE-listed company earlier known as The Hingir Rampur Coal Company Ltd, allegedly received Rs 1,000 crore as unsecured loans from seven entities in just eight days between December 24 and December 2024.

Sebi’s enquiry found, on a prima facie basis, that these were not genuine independent loans, but part of a layered round-tripping of funds through a network of connected entities. The order followed a reference from the Serious Fraud Investigation Office dated April 20, 2026.

Sebi examined the company for the period between August 1, 2024 and July 31, 2026. According to the order, Dhenu Buildcon had very little business activity during the period.

Its revenue from operations was nil in FY23 and FY24, and remained below Rs 1 crore in FY25 and FY26. Despite this, the company allegedly showed unsecured loan inflows of Rs 1,000 crore and later converted about Rs 840 crore of those loans into equity shares through a preferential allotment.

The stock price also moved sharply. 22 on July 31, 2026 on an open-to-close basis.

59 on July 1, 2026. During the same period, the market cap of the company increased from about Rs 3 crore to Rs 4,925 crore.

Sebi said Dhenu Buildcon received the Rs 1,000 crore through 46 separate credit transactions from seven entities. These included Golkonda Aluminium Extrusions, Edoptica Retail India, Tiaan Consumer, Twinkle Mercantiles & Credits, Shanta Agencies, Shri Niwas Leasing and Finance, and Utsav Securities.

The regulator said the same pool of funds was routed through several companies and brought back to Dhenu Buildcon, with each return being shown as a fresh loan receipt. Sebi identified 28 distinct routing patterns across 46 transaction cycles.

05 crore was repeatedly moved through corporate accounts and shown as cumulative inflows of Rs 1,000 crore. The order said Dhenu Buildcon’s bank balance never exceeded about Rs 26 crore during the relevant period, even though the company claimed to have received Rs 1,000 crore.

1 crore to five entities almost immediately during the same eight-day period. The regulator said the flow of money suggested a closed round-tripping structure rather than genuine commercial borrowing.