TWAS IN 2014, when Suresh Dodia was visiting his factory in Khopoli, an industrial outgrowth of Mumbai, that he first heard about a group of investors who were building a big five-star hotelin the town.“Alot of people, the sarpanch and many other locals, had signed off their land,” Dodia recalls, “Some were even putting in their own money after selling off their jewellery to be part of the project.”
Unlike the locals, however, Dodia wanted no part of it. He was in need of money. He runs Rushabh Centering Accessories, a firm in Mumbai that makes and supplies construction material and equipment, and for several months, he had been unsuccessfully trying to procure a loan to expand his business. So he began courting those investors. There were two of them,…