ED probes ₹346cr bank fraud case in multiple states
The Enforcement Directorate (ED) just carried out major searches in Delhi-NCR, Tamil Nadu, and Karnataka, digging into a ₹346 crore bank fraud tied to Hythro Power Corporation Ltd (HPCL).
Acting on a CBI complaint, the ED is investigating HPCL and its promoters—Amul Gabrani and Ajay Kumar Bishnoi—for allegedly siphoning off loan money and causing big losses for several banks.
Company defaulted on loans between 2009 and 2015
Between 2009 and 2015, HPCL defaulted on loans from banks like PNB, ICICI, Kotak Mahindra, and Union Bank.
Despite repeated attempts to fix things, the company was reported as a 'fraud' to the RBI in 2024.
A forensic audit found that funds were misused through fake transactions with related companies.
Now, the ED is looking to untangle this web of financial tricks under anti-money laundering laws.