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The Enforcement Directorate (ED) has collected various incriminating documents related to property registration deed, gift deed, share purchase agreement during searches at three residential and commercial premises related to Dandamudi Venkateswara Rao-- promoter of Sravanthi group, Sravanthi Infratech Pvt Ltd and its group company Sravanthi Energy Pvt Ltd (SEPL) in Gurugram, the agency said on Friday.
The agency also collected assignment agreement of loans between bankers and Asset Reconstruction Companies (ARCs), correspondences with Hythro Power Corporation Ltd (HPCL), its group companies, ledger accounts, books of accounts of SEPL and its group companies, purchase order, work orders with HPCL and share valuation report in the operation carried out on October 1. https://x.com/dir_ed/status/1974116411527344596 ED's Gurugram Zonal Office conducted the searches under Prevention of Money Laundering Act (PMLA), 2002 in connection with an ongoing investigation for siphoning off and diversion of public funds by Hythro Power Corporation Ltd (HPCL) and its Directors Amul Gabrani and Ajay Kumar Bishnoi to their related entities and related entities of HPCL, causing substantial losses to the banks. Frauds declared by the complainant banks costs to Rs 346.08 crore during 2009 to 2015. ED initiated investigation on the basis of FIR registered by the Central Bureau of Investigation (CBI) under various sections of Indian Penal Code (IPC), 1860 and Prevention of Corruption Act, 1988 for the commission of offences of Criminal conspiracy, cheating and criminal misconduct by the accused persons thereby causing wrongful gain to themselves. ED said its investigation revealed that SEPL remains a debtor of over Rs 10 crore since 2013-15, with no recovery to date. "Further, investigation revealed that during Financial Year 2018-19, 2019-20, equity shares of SEPL worth Rs 18.43 crore having face value of Rs 10 per share, held by its bankers (Class-A shares) were transferred to its foreign investors at highly discounted prices such as just Rs 0.25 per share, despite SEPL recording positive EBITDA of over Rs 210 crore in both years," added the ED. (ANI)
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