Rs 346 crore bank fraud: ED searches 3 Gurugram properties of energy company, officials
India’s Enforcement Directorate (ED) raided three properties in Gurugram last week as part of a probe into a massive Rs 346 crore bank fraud linked to the Sravanthi Group. Officials say these searches targeted homes and businesses tied to the group’s promoter, Dandamudi Venkateswara Rao, along with companies like Sravanthi Infratech Pvt Ltd and Sravanthi Energy Pvt Ltd.
The raids happened on October 1, under the Prevention of Money Laundering Act (PMLA) of 2002. They’re connected to a bigger case involving Hythro Power Corporation Ltd (HPCL) and its directors, who allegedly siphoned off public funds and caused huge losses to banks.
During the operations, ED teams seized key documents that point to shady financial deals. The investigation focuses on how money from HPCL supposedly got funneled to related companies in the Sravanthi network, all to cover up the fraud through money laundering.
This bank fraud case dates back to 2009-2015, with complainant banks reporting losses of Rs 346.08 crore. At least two HPCL directors face scrutiny for diverting funds.
Just last month, in October 2024, ED’s Gurugram office had already uncovered more evidence from earlier searches. That included property deeds, share agreements, loan papers, and company records showing suspicious transactions.
The ED is digging deeper into the Sravanthi Group’s role in this money laundering scheme, aiming to uncover how public money vanished into private pockets.
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