Ahmedabad's Dharmadev Infrastructure received loan worth Rs 1,160 crore from DHFL

Speculations are rife over the Rs 1,160 crore loan received by Ahmedabad-based realty companyDharmadev Infrastructure Ltd, and its group companies, from Dewan Housing Finance Corp Ltd (DHFL) which has been accused of siphoning off over Rs 31,000 crore of public money. This is not the first time that the name of Umang Thakkar, owner of Dharmadev group, has emerged for a wrong reason. In January 2014, he was arrested for service tax evasion of Rs 2.50 crores. The loans were sanctioned to group companies of the Dharmadev group, owned by Umang Thakkar, around the time of Gujarat elections in December 2017. Ambica Leasing and Estates Pvt Ltd, MH Infraprojects Limited, NetraMedilink Pvt Ltd and Varij Builders Pvt Ltd — all showing registered address as Dharmadev House near Shyamal Crossroads — got loans worth Rs 120 crore each totalingRs 480 crore from DHFL. While SatyasankalpBuildcon LLP, registered at the same address, received loan of Rs 680 crore. Surprisingly, the projects for which the loans were sanctioned — including Swaminarayan Business Park in Narol — were cancelled or suspended. Ahmedabad Municipal Corporation sealed the Narol project because it did not have NA (Non-Agriculture) and BU (Building Use) permission.