The ED has raided the well-known Dharmadev Infrastructure in Ahmedabad. The reason for the raid may be the issue of non-payment of repayment after taking a large loan. It is likely that the company took loans from subsidiaries for the cancelled project.
More than Rs 1,000 crore loan has been taken from DHFL by Chairman and Managing Director, Umang Thakkar. The loan was also given by DHFL without adequate investigation after which the DHFL company went into a big pit and later went bankrupt. There is also speculation that the loan amount was invested abroad by Dharmadev Infrastructure Group.
This is not the first time Dharmadev Infra has made the headlines. Earlier, Dharmadev Infrastructure was also in controversy over the issue of service tax. After collecting service tax from customers, the company owner who did not submit it to the government is being questioned.
The ED has launched an in-depth probe into investing abroad with loans of over Rs 1,000 crore, not collecting service tax from customers, not submitting it to the government, and passing loans through DHFL without adequate scrutiny. The ED has carried out raids. Chairman, Umang Thakkar is being interrogated. The whole affair is about to turn a big blister. The ED’s investigation is likely to lead to major revelations. Only time will tell whether there is a big head involved in the whole affair.