CBI Probes Directors of Hythro Power Corp for Rs 346 Crore Bank Fraud

The CBI has filed a case against Hythro Power Corporation directors for allegedly defrauding a public sector bank of Rs 346.08 crore. The complaint, lodged by Punjab National Bank, accuses the directors of criminal conspiracy and financial misconduct, reportedly siphoning off loan funds to related companies.

The Central Bureau of Investigation (CBI) has launched an inquiry into allegations of financial misconduct against directors of Hythro Power Corporation Ltd, accused of orchestrating a fraudulent scheme that resulted in a wrongful loss of Rs 346.08 crore to a public sector bank. The bank's Securities and Fraud Branch (BSFB) initiated the case.

Key figures identified in the First Information Report (FIR) include Amul Gabrani and Ajay Kumar Bishnoi, both serving as directors of Hythro Power Corporation Ltd. The report is based on a formal complaint from Praveen Kumar Sammi, Chief Manager of Punjab National Bank in Gurugram, Haryana. The complaint alleges criminal conspiracy, cheating, and misconduct involving unknown public servants and associates.

According to further allegations, the borrower company and its executives allegedly redirected loan funds to allied companies, causing a substantial financial loss to Punjab National Bank while reaping profits themselves. Hythro Power Corporation Limited is involved in designing and executing turnkey projects for power transmission lines. (ANI)

(With inputs from agencies.)