New Delhi, October 3 (IANS) ED discovered three residential and commercial properties in Gurugram and on Friday, an official said, related to the Srivant Group and its promoter regarding bank fraud of Rs 346 crore.
The Enforcement Directorate (ED), Gurugram Zonal Office discovered three residential and commercial complexes on 1 October, in a statement, the officer said in a statement.
The campus was connected to Dandamudi Venkateswara Rao, Promoter of Shreewanthi Group, M/S Srivant Infratech Private Limited and its group company.
The ED stated that the discovery was held under the provisions of PMLA, 2002, M/s Hithro Power Corporation Limited (HPCL) and other banks joined Rs 346 crore in case of fraud, the ED said.
During the search tasks, various threatened documents were confiscated, it said.
The Enforcement Directorate (ED) is examining the Shreewanti Group and its promoter, Dandamudi Venkateswara Rao, for alleged money laundering for money laundering of HPCL and its directors for money laundering, which causes significant damage to banks, to close and remove public funds.
The ED said the investigation centers accuse the centers that the funds were discontinued and the people of their own respective institutions and the Shreevanthi group were diverted from HPCL. This was reportedly done to rob money and was part of a large bank fraud scheme.
The ED case is based on fraud mentioned by the complainant banks, which took place between 2009 and 2015 and an amount of Rs 346.08 crore.
In earlier discoveries held in October 2024, the Gurugram zonal office of ED collected documents related to various financial and property transactions. These included registration karma, gift deeds, share procurement and assignment agreements, loan documents and the company’s ladlers.
At least two directors of HPCL are investigating to close and remove public funds, causing significant damage to banks.
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