The ED team of Gurugram Zonal Office took a major action on 1 October 2025 and raided 3 places in Gurugram. These raids Dandamudi Venkateswara Rao, promoter of Srivanti Group, his company M/s Sravanthi Infratech Pvt. Ltd. And group company M/s sravanthi energy pvt. Ltd. (Sepl) were put on the locations associated with it.
The case is related to a large bank fraud, in which M/s Hythro Power Corporation Ltd. (HPCL), its directors Amul Gabrani and Ajay Kumar Bishnoi are accused of rotating and diverting public funds in their companies and group companies. Due to this disturbance, banks lost about Rs 346 crore between 2009 and 2015.
CBI filed a case against the accused
ED started this investigation on the basis of CBI’s FIR. The CBI had registered a case against the accused under Criminal Conspiracy, Cheating and Corruption Act. Investigation revealed that Sravanthi Infratech Pvt. Ltd. But since 2013–15, the arrears are more than Rs 10 crore, which has not yet been recovered.
It was also revealed that Sravanthi Energy Pvt during 2018–19 and 2019–20. Ltd. (SEPL )’s share value of Rs 18.43 crore (face value 10 per share) was lifted from its bankers and transferred to foreign investors at the rate of just 25 paise per share.
ED investigation put important documents
All this happened when the company showed Ebitda (earnings) of more than Rs 210 crore in both years. The ED team has received several important documents during the raid, including property registration and gift deeds, share purchase agreement, loan assignment agreement between banks and ARCs, contract papers with HPCL and its companies, the company’s laser and account books, paper and account books, the paper. The ED says that the investigation of the case is still going on.
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