New Delhi, Sept. 10 -- The Enforcement Directorate (ED)'s Gurugram zone is conducting search operations at five locations in Delhi-NCR, Chennai, and Bengaluru in a money laundering case related to an alleged Rs 350 crore bank fraud by Hythro Power Corporation Limited (HPCL).
The ED initiated the PMLA case based on a Central Bureau of Investigation (CBI) FIR filed against HPCL and its promoters under sections 120-B (criminal conspiracy) and 420 (cheating) of the Indian Penal Code, 1860, along with sections 13(2) read with 13(1)(d) of the Prevention of Corruption Act.
"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, causing subs...