Cbi registers case against hythro power corporation ltd for causing loss of rs 346 cr to public sector bank
The Central Bureau of Investigation has registered a case against directors in Hythro Power Corporation Ltd for causing wrongful loss of Rs 346.08 crore to a public sector bank.The Bank Securities and Fraud Branch (BSFB) of the agency has registered the case into the matter.
The accused named in the FIR have been identified as Amul Gabrani, Ajay Kumar Bishnoi and unknown public servants. Amul and Ajay are directors in Hythro Power Corporation Ltd.
The FIR into the matter reads that a written complaint has been lodged by Praveen Kumar Sammi, Chief Manager of Punjab National Bank, Gurugram, Haryana, against Hythro Power Corporation Ltd., its directors, unknown associates / others and unknown public servants, alleging commission of offences of criminal conspiracy, cheating and criminal misconduct by the accused persons.
Further, it is alleged that the borrower company and accused persons have siphoned off the loan funds to their related/allied companies, thereby caused wrongful loss of Rs 346.08 crore to Punjab National Bank and corresponding wrongful gain to themselves.
Hythro Power Corporation Limited (HPCL) was engaged in design, manufacturing supply and construction of turnkey projects of power transmission lines.
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