On Wednesday, the Enforcement Directorate (ED) conducted searches in Delhi-NCR, Tamil Nadu, and Karnataka in relation to a money laundering case related to a reported 346 crore bank scam of a Haryana-based power sector company and its promoters, the official sources confirmed.
The case under investigation concerns Hythro Power Corporation Ltd (HPCL), based in Gurugram, which is in the liquidation process, and the directors of the enterprise, Amul Gabrani and Ajay Kumar Bishnoi, among others. The case in the ED was based on an FIR that was filed by the Central Bureau of Investigation (CBI) in February 2025, and this alleged that the promoters were siphoning funds of loans to group entities hence resulting in huge losses to a consortium of banks.
Searches at five premises in the National Capital Region, three in Chennai, and one in Bengaluru were carried out according to the ED. The banks in the complaint capped the fraud at 346.08 crore, where Punjab National Bank suffered 168.07 crore, ICICI Bank 77.81 crore, Kotak Mahindra Bank 44.49 crore, and Union Bank 55.71 crore. The fraud is said to have occurred between 2009 and 2015.
HPCL, which designs, manufactures, and implements turnkey projects in the power transmission lines, had received credit facilities with Punjab National Bank, under a multiple banking set-up of around 165.71 crore. The company went bankrupt despite various reorganization efforts, such as the transformation of the invoked bank guarantees into funded interest term loans. On March 31, 2015, it was reported as a Non-Performing Asset (NPA), and later on June 13, 2024, the Reserve Bank of India reported it as a “fraud” as well.
Investigation into the case by the forensic auditor established that money was stolen by shell transactions with the group companies like Avadh Transformers, G.E.T. Power, Revolution Infocom, and Tecpro Engg.
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