The ED ( Enforcement Directorate) on Wednesday searched multiple locations in Delhi-NCR, Tamil Nadu, and Karnataka in connection with a Rs 346 crore bank fraud involving Haryana-based Hythro Power Corporation Ltd (HPCL) and its promoters.
ED officials said the company is under liquidation, and directors Amul Gabrani and Ajay Kumar Bishnoi are under probe. The case began after a CBI FIR in February 2025 accused the promoters of siphoning off loan funds through linked entities, causing heavy losses to banks.
The Gurugram ED office searched five sites in Delhi-NCR, three in Chennai, and one in Bengaluru. Punjab National Bank, ICICI Bank, Kotak Mahindra Bank, and Union Bank flagged frauds worth Rs 346.08 crore between 2009 and 2015.
Investigators revealed that the promoters diverted funds using fictitious job work, manipulated receivables, and circular transactions. PNB suffered the highest loss at Rs 168.07 crore.
Despite multiple restructurings, HPCL defaulted in 2015. RBI later declared the company fraudulent in June 2024.
