Hythro Power Bank Fraud Case: ED Gurugram Zone Conducts Raids In Delhi, Chennai And Bengaluru

2025-09-10 03:14:05

(MENAFN- Live Mint) Enforcement Directorate Gurugram zone on Wednesday is conducting a search and survey action on Hythro Power bank fraud case worth ₹350 crores covering 5 premises in Delhi NCR, 3 premises in Chennai and 1 in Bengaluru.

The accused, including HPCL and its directors Amul Gabrani and Ajay Kumar Bishnoi, are alleged to have siphoned off and diverted funds to their related entities and related entities of HPCL, causing substantial losses to the banks.

The ED said in a statement, "This case emanates from the FIR bearing No. RC0742025E001, dated 04.02.2025 registered by the CBI, Delhi against HPCL and its promoters u/s 120-B & 420 of IPC, 1860, sections 13(2) read with 13(1)(d) of the PC Act, 1988."

As per the ED, the fraud declared by the complainant banks cost ₹346.08 crores from multiple banks. The offence occurred from 2009 to 2015.

Here's how much banks owe to HPCL:

. PNB: ₹168.07 Crores

. ICICI Bank: ₹77.81 Crores

. Kotak Mahindra Bank: ₹44.49 Crores

. Union Bank: Rs. 55.71 Crores

This is a developing story, it will be updated shortly.

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